Silver X buys out Peru-based gold project from Barrick
TSX-V-listed Silver X Mining Corporation has secured 100% ownership of the Ccasahuasi gold project, in Peru, from Barrick Mining Corporation, which now consolidates full ownership of the 42 303 oz contained gold project.
The company acquired the Lily 19 mining concession containing the project within the Neuva Recuperada district for a cash consideration of $30000 as well as a net smelter return royalty on future production.
Ccasahuasi is adjacent to Silver X's existing producing Tangana mine.
If the Ccasahuasi system extends toward Tangana as current interpretations suggest, incremental ounces could feed existing mill infrastructure with minimal additional capital expenditure, Silver X confirms.
The company also advises that minimal drilling has been completed on Ccasahuasi to date and that the current 1.4-million-tonne resource grading 0.93 g/t was outlined using only 903 m of diamond drilling in four holes. Three of those four holes returned intercepts exceeding 26 m at grades above 0.7 g/t. The system has not been drilled to depth or along strike.
Silver X is working toward a regional rationale for further gold exploration within Nueva Recuperada, including conceptual high sulphidation target areas such as Carboncuyocc.
Silver X CEO José Garcia says the transaction is not only about the current inferred mineral resource at Ccasahuasi, but about securing control over a gold system that sits immediately beside the existing mine with exploration upside potential.
The company will not pursue Ccasahuasi as a standalone prospect, rather as a strategic piece of a district that Silver X is building into a multi-asset precious metals platform. "With full ownership we can now move systematically to test the scale of this system on our own timeline," Garcia adds.
