The JV, which was signed in June 2010, covers 4,437 hectares located around 18km from the Hoschchild’s existing Ares operation.
The project was created through the merging of neighboring properties of similar size owned by Hochschild and Buenaventura.
Buenaventura currently holds 60% of the JV with the obligation to achieve production by 2018.
If Buenaventura does not begin production within this timeframe, Hochschild can assume control of the project by committing to certain payments linked to Buenaventura’s investment.
Buenaventura has drilled to date 7,290m in 31 holes, and these have mainly been in the San Pedro vein.
Pariguanas is a low sulphidation, predominantly underground vein system where up to five prospective areas have been outlined.
The positive drill results from Pariguanas include 2.7m at 0.7g/t of gold and 1,194g/t of silver including 0.9m at 1.6g/t of gold and 3,016g/t of silver, and 4.4m at 3.1g/t of gold and 2,376g/t of silver including 1.6m at 7.5g/t of gold and 6,288g/t of silver.
