Sonoro Metals Corp.'s Minera Mar De Plata SA De CV subsidiary executed a formal option deal with a private individual to acquire the nine-hectare El Colorado concession within the company's Cerro Caliche gold property in Mexico's Sonora state.
The agreement increases the land holdings under option to Sonoro in the gold mining district to 1,484 hectares, according to a Sept. 5 release.
Sonoro is required to pay US$100,000, of which US$50,000 has been settled while the balance is due in six months. The transaction also covers historic drilling data.
The company submitted a drill program for the concessions to Mexican regulators for review and approval, with a response expected shortly.