Golden Hill gold project : Mantaro Silver acquires initial 51% stake in MGH
Mantaro Silver Corp. said that it has exercised its option of acquiring a 51% stake in Minera Golden Hill (MGH), the owner of the Golden Hill gold project in Bolivia.
In August 2021, the Canadian mineral exploration company signed a property option agreement with Minera Golden Hill to acquire a stake of up to 80% in the advanced gold property situated in the underexplored, orogenic Bolivian Shied.
For acquiring an initial 51% stake in Minera Golden Hill, Mantaro Silver Corp. issued two million common shares and a million share purchase warrants along with cash payments of $500,000, while spending a minimum of $250,000 in exploration at the Golden Hill gold project in Bolivia during 2021.
Craig Hairfield — CEO of Mantaro Silver Corp. said: “Mantaro is excited to continue its partnership with Minera Golden Hill after a year of extensive work and exciting results at the Golden Hill Property. Minera Golden Hill has proven to be a valuable local partner that is instrumental to the continued success of our work programs in Bolivia.
“This option exercise represents an important step for Mantaro towards its goal of advancing high-quality, district-scale mineral properties. We are excited to invest and operate in Bolivia as the country continues to demonstrate its vast mineral potential and commitment to further developing its mineral mining industry.”
Mantaro Silver acquires initial 51% stake in Golden Hill gold project in Bolivia. Photo courtesy of CNW Group/Mantaro Silver Corp.
The Golden Hill gold project is made up of one concession spread over 4,468 hectares. The fully-permitted property is said to provide direct access via the historic mining town of San Ramon.
It is an underexplored, orogenic gold deposit with more than 4km of gold-bearing quartz veins related to a regional structure. A further 6km of structure is yet to be explored at the Golden Hill gold project.
Luis Fernando Kinn — Minera Golden Hill General Manager said: “Minera Golden Hill is pleased to be working with Mantaro Precious Metals to advance and realize the full potential of the Golden Hill Project.
“We have proven that any foreign company may invest in Bolivia under a safe corporate environment and with current regulations that are motivating private companies to strengthen the Bolivian mining industry.
“Mantaro was chosen as our partner due to their strong knowledge and experience with greenfield exploration programs and we are excited to see the results from the recent drilling program as well as future work programs at Golden Hill.”