Granges and partner looking to acquire Peruvian gold play

An agreement with Inca Pacific Resources (VSE) and the Peru Syndicate enables Granges (TSE) to acquire the Cerro Conor Punta property in Peru.

The property is prospective for gold-skarn, porphyry copper-gold and disseminated oxide-gold deposits. It covers seven contiguous claims totaling 6,800 hectares within 6 km of the Yanacocha district.

Granges can earn the interest by making a series of payments totaling US$250,000 and spending US$1.05 million over four years. Inca and the syndicate retain a 2% net smelter return royalty.

The property is largely underlain by Tertiary volcanic rocks of a younger age than the Yanacocha host rocks, with erosional windows into older rocks revealing Cretaceous limestones and argillites.