Chesbar Resources (CBI-T) has inked a deal with joint venture partner Intrepid Minerals (IAU-V) to boost its stake in Minera Mayamerica to 100% from 70%.
Mayamerica holds six exploration licences covering the 250-sq-km Buena Vista nickel magnesium laterite project in Izabal state, Guatemala.
Under the deal, Chesbar can acquire the 30% stake by issuing about 1.2 million shares to Intrepid. The deal is subject to regulatory approval.
Chesbar has commissioned an independent resource calculation update and has underway a program of metallurgical testing on the recovery of nickel, magnesium and cobalt from the project’s laterite material.
Chesbar hopes its plan to consolidate ownership of the project will help facilitate financing, exploration and development.
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