Argentina Metals (TSX-V:VLLC) has closed the acquisition of the El Salado and La Quimera properties in Mendoza, Argentina, securing 9,980ha of copper exploration ground.
The company has received approval from the Mendoza Mining Ministry to transfer and register 100% interest in the properties to its wholly owned subsidiary.
This acquisition strengthens the company’s land position in one of Argentina’s most important emerging copper regions.
“This approval completes the acquisition process and secures our 100% interest in these highly prospective copper exploration assets,” CEO Raymond D. Harari says.
“The properties add significant scale to our land position in Mendoza and strengthen our presence in one of Argentina’s most important emerging copper regions.”
As final consideration, VLLC paid C$195,000 ($198,908.4) in cash and issued 450,000 common shares to the vendors. The shares are subject to a statutory four-month hold period and contractual trading restrictions until February 2027.
The company will also issue 225,000 common shares to an arm’s-length finder, subject to TSX-V approval, representing a fee of C$54,000 at a deemed price of C$0.24 per share.
Argentina Metals now holds approximately 146,700ha across 26 projects in Mendoza Province, all 100%-owned with no private royalties or earn-in obligations. The company is anchored by its flagship Las Estrellas Project.
Write to JC Villarba at Mining.com.au
Images: Argentina Metals
