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Vizsla Resources to acquire options over Panuco gold-silver project in Mexico

Vizsla Resources Corp. entered into a definitive share purchase agreement to acquire all the outstanding shares of Canam Alpine Ventures Ltd.

Canam holds options to fully acquire the consolidated minerals rights, infrastructure and processing facilities comprising the Panuco-Copala precious metals camp covering 10,542 hectares in Sinaloa, Mexico.

Vizsla will acquire Canam for 18 million shares, of which 6 million will be issued on closing, 6.5 million will be issued upon definition of a resource greater than 200,000 gold equivalent ounces, and 5.5 million will be issued upon exercise of the options.

Following the acquisition, the former shareholders of Canam will own about 15% of the outstanding shares.

The company said Sept. 17 that it can exercise the options after a two-year exploration period by spending US$3.4 million. Vizsla will have to make staged payments totaling US$43 million over six years.

Canam has immediately started exploration work and plans to complete drilling in the next three months and a maiden resource later in 2020.

In March, Vizsla terminated its option on the Kathleen Mountain property in British Columbia after exploration results showed the project did not warrant further development.