With four core drills turning at the San Gregorio gold property in Uruguay, American Resource (NASDAQ) is set to evaluate its other mineral holdings in the area.
The company intends to spend US$1.8 million to expand reserves at the San Gregorio deposit and explore properties in the Rivera and Florida greenstone belts.
Plans call for drilling of 20,000 ft. at San Gregorio and Santa Teresa, in addition to a high-resolution airborne geophysical survey to be flown over the Rivera mineral belt, near the Brazilian border.
The company has exclusive rights to explore more than 740,000 acres of mineral lands in Uruguay, as well as a 60% interest in an exploration joint venture on an additional 54,000 acres.
Meanwhile, the company has signed a merger agreement with a wholly owned U.S. subsidiary of Rea Gold (TSE). Shareholders will receive 2.2 shares of Rea for each American Resource share held.
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