Under the terms of the agreement, Whitehorse will initially make a payment of $100,000 to the vendors, which will be used to fund the drill programme on twin two historical holes at the property, for the next three months
Canadian mineral exploration and development company Whitehorse Gold, through its subsidiary Stannum Metals, has agreed to acquire a Tin mining company in Bolivia.
The company is acquiring the Tin company from its three shareholders, including Bolivian nationals and arm’s length parties, for a total consideration of $3.65m.
Under the terms of the agreement, Whitehorse will initially make a payment of $100,000 to the vendors, which is non-refundable.
The proceeds will be used to fund the drill programme on twin two historical holes at the property, which is scheduled over the next three months.
The transaction is expected to be completed, subject to regulatory approval and other conditions.
Whitehorse Gold CEO Gordon Neal said: “Tin is a green metal and an essential component in every electronic circuit board made in the world.
“The tin market has seen exponential gains in the past couple of years and is projected to see further growth as electrification with decarbonization advances globally.
“With our team’s previous successful experience in exploring in Bolivia, we believe that this tin project will be another successful exploration venture.”
Tin company’s primary asset is a tin-zinc-silver-lead polymetallic mineral project or ATE, located on an elevation of around 4,200m in the Oruro Department in Bolivia.
The property lies around 65km northeast of the Huanuni Mine, which is considered the largest tin mine in Bolivia and the world’s largest cassiterite deposit.
It has seen a few small-scale, historic mining activities and was explored and drilled by Rio Tinto in 1999, which intercepted significant tin mineralisation.
The drill hole ESF001 intercepted a 236m interval, from 125m to 361m, grading 0.41% tin, 1.12% zinc, and 15 grams per tonne silver.
The second drill hole ESF002 intercepted a 180m interval grading 0.29% tin, 1.06% zinc, and 13 grams per tonne silver, including a 56m interval grading 0.58% tin, 1.86% zinc and 13 grams per tonne silver.