Revelo Resources Corp. sold three noncore assets in Chile, namely the Bronce Weste, Magallanes and Limbo projects, in exchange for net smelter returns royalty interests.
The company is trimming back and abandoning peripheral and unprospective concessions following a review of its portfolio of exploration projects in northern Chile, according to a March 20 news release.
Revelo sold the about 3,890-hectare Bronce Weste copper project to Masglas America Corp. SpA for a 1% royalty on future precious metals production and a 0.5% royalty on future base metals production.
It sold the 1,038-hectare Magallanes gold project and the 5,600-hectare Limbo gold project to Austral Gold Ltd. for a 1% royalty each on future production of all metals.
Revelo now holds material interests in 26 projects in northern Chile totaling about 200,000 hectares, including seven royalties, two wholly owned projects subject to option, sale and royalty agreements with third parties, and 17 wholly owned projects available for option and joint venture.
President and CEO Tim Beale said the sales will allow the company to save on land maintenance costs.
Revelo agreed mid-November 2017 to sell its gold-silver projects in northern Chile to Austral Gold for shares and royalty and agreed in late-November 2017 to sell its Araya Breccia and Los Azules copper projects to MASGLAS Ltd.