A 5,000 metre drill programme targeting high-grade gold/silver at the property is scheduled to begin shortly
Canadian exploration and development company Brigadier Gold has signed an agreement to acquire Picachos gold-silver property in Mexico.
In July, the company had signed a letter of intent (LOI) to acquire the Picachos property, centered over the historic “Viva Zapata” National Mineral Reserve, Sinaloa, Mexico.
Located between Vizsla Resources’ Panuco Project and GR Silver Mining’s Plomosas Project, the 3,954 hectare Picachos comprises four mining concessions.
Geographically, the property overlaps two regional-scale precious metal rich vein systems and a large porphyry copper prospect.
It also said that over 160 known historic underground mines, workings and prospects at Picachos are on gold-rich veins.
Furthermore, a 5,000 metre drill programme targeting high-grade gold/silver at the property is scheduled to begin shortly.
Brigadier will make staged payment to acquire the property
For the deal, Brigadier will make staged payment to the vendor over five-year period that include cash payments of $275,000, share issuances of 4 million common shares of Brigadier and cumulative exploration expenditures of $3,850,000.
The company will also make payments for the Picachos development milestones.
Brigadier Gold CEO Ranjeet Sundher said: “Closing the Picachos acquisition marks our official entry into the Sierra Madre epithermal belt, which has seen tremendous drilling success from neighboring exploration companies.
“Brigadier is well funded, having closed $4.2 million in financings over the last 30 days, and is preparing to initiate a maiden 5,000 metre drill program targeting the high-grade historic San Agustín mine.
“In addition to the high-grade San Agustín mine, Picachos offers exceptional exploration potential, with over 160 historic mines and workings throughout the Property.”