Wild Acre Metals has acquired a 100% interest in the Sambalay, Chaparra and Yauca projects located in Southern Peru, following a formal sale and purchase agreement with Compania de Exploraciones Orion, the Peruvian unit of Canada based Pembrook Mining Corp.
The company paid $200,000 cash and 1,500,000 fully paid shares and plans to commence drilling of priority targets in 2012-13.
Orion will receive 1.5% net smelter royalty on future production from the projects.
Wild Acre chairman Grant Mooney said the acquisition of the Sambalay, Chaparra and Yauca projects positions Wild Acre in one of the best districts for exploration in Peru, with excellent targets to make a discovery.
"We have spent considerable time over the last 6 months evaluating numerous opportunities in South America and believe our new Peruvian project portfolio and potential opportunities will bring great value to Wild Acre in the foreseeable future."
The company said the acquisitions will extend its presence in the key areas which have previously been untested by drilling.
At the Sambalay project, three main prospects have been earlier identified, Mina Tapial- which recorded epithermal Au-Ag mineralization, the Sambalay Chico prospect intersected fractured and brecciated oxidised porphyry Cu mineralization and Quebrada Agua del Milagro prospect encountered silicification and fracturing with highly anomalous epithermal Au-Ag mineralization.
Surface rock chip samples from Sambalay Copper-Gold project has confirmed grading of about 15.1 grams per ton (g/t) gold, 2,780g/t silver and 10.55% copper directly above an identified resistivity anomaly.
The Chaparra Project is located 560km south of Lima at an altitude of 1,600m – 2,100m, consists of seven concessions covering an area of 7,500ha hosts a large magnetic anomaly.
The Yauca project is lies at an altitude of 800m-2,250m above sea level north of the Chaparra Project, covering an intense magnetic anomaly.
The company also made another announcement of establishing new operational headquarters in the city of Lima, Peru, which will oversee the company’s future exploration programs at its newly acquired projects in the country.