Almadex Chairman, J. Duane Poliquin commented, "This transaction continues our strategy of refining our mineral asset portfolio. We are very familiar with these properties, given that we currently hold NSR royalties on each of them. We look forward to assuming operatorship and advancing exploration on these properties in the future."
The Company acquired the Yago, Mezquites, and San Pedro properties in return for a 1% NSR which is capped at CAD$1 million.
The Yago project is located in the state of Nayarit near the Pacific Coast of Mexico, seven kilometres from highway 15 which is one of the major thoroughfares from the United States to Mexico City.
The project covers an area of extensive epithermal quartz-adularia veining. Many of the veins have had historic production of bonanza grades. In the La Sarda area of the property, minor production was underway in shallow workings on four separate veins until February 2000.
The Mezquites project is located in the state of Nayarit, is road accessible and covers an area hydrothermal alteration and epithermal veining prospective for gold and silver. Past work includes surface mapping, sampling and geophysics.
The San Pedro property is located in Jalisco State, Mexico and also features high-sulphidation epithermal style mineralization, including vuggy silica and is prospective for gold and silver.
