Mustang Minerals (TSX-V:MMX) has agreed to sell its El Cobre copper-gold porphyry project in Mexico for US$1.5 million ($2.17 million) cash.
The company has entered into a share purchase agreement with Minerales Criticos De Mexico to sell all shares of Minera Alondra, its indirectly wholly owned Mexican subsidiary that holds the El Cobre project.
The transaction is between arm’s-length parties with no finders’ fees payable and requires regulatory approval, including from the TSX-V.
Chairman J. Duane Poliquin says the divestment allows Mustang to concentrate entirely on its Nevada copper and gold projects.
“With the sale of El Cobre, we are now entirely focused on our Nevada, US, copper and gold projects. The sale of El Cobre allows us to move forward with our 2026 exploration plans in the coming weeks,” Poliquin says.
The company’s US exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high-sulphidation-style gold-silver-copper mineralisation.
The Red Ring and Confusion Hills projects have preserved high-sulphidation-style alteration on the surface, with potential for associated gold mineralisation. The Pilot project is being explored for copper-gold mineralisation beneath pyrophyllite-sericite alteration mapped at surface.
Mustang Minerals is a Canada-based explorer advancing a portfolio of copper-gold projects in central Nevada, including the Red Ring, Confusion Hills, and Pilot prospects.
Write to JC Villarba at Mining.com.au
Images: Mustang Minerals
