BHP to manage Increible gold prospect in Venezuela

The Increible gold property of Bard Silver & Gold (BDS-V) is now being managed by Australian mining giant BHP Minerals, following the major ‘s agreement with Bard and Venezuela-based Greenwich Resources.

The concession covers 5,000 hectares in eastern Venezuela, 30 km east of the Columbia gold mine at El Callao. Greenwich says anomalous gold values at Increible warrant drilling.

BHP can acquire a 70% interest in Increible by spending $3 million on drilling over a 3-year period. Greenwich and Bard will share cash payments of $1.3 million if the project advances to feasibility.

BHP now has options on six concessions held by the partners in Venezuela, including the Botonamo project. Bard has a 51% interest in these concessions, while Greenich holds the remaining 49%.

BHP is expected to spend $6 million on the properties over the next three years. If BHP exercises all of its options, Bard and Greenwich will receive cash payments of $4.7 million. BHP will also arrange funds for any mine development.

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