Vancouver-based Rondal Gold (RGD-A) has acquired, in central Mexico, a 49% stake in a group of claims prospective for gold-silver-copper mineralization.
The company, formerly known as Prior Resources and listed on the Vancouver Stock Exchange, reports that the San Jose and Torres claim groups comprise about 9,700 ha in an area roughly 6 km northwest of the San Nicolas massive sulphide discovery of Teck and Western Copper Holdings in Zacatecas state.
The remaining interest in San Jose and Torres is held by the Mexican government, which has outlined a large induced-polarization (IP) anomaly.
Government geologists have also tabled significant results from two diamond drill intersections. The first hole intersected 1 metre grading 11 grams gold and 176 grams silver per tonne at a depth of 174 metres.
The second hole cut 50 metres at a depth of 229-279 metres grading 1.97% copper, including: 6 metres (from 240 to 246 metres) of 2.69% copper; 3 metres (from 252 to 255 metres) of 3.96% copper; and 2.4 metres (from 272 to 274.4 metres) of 5.4% copper.
Rondal has planned an IP survey to be undertaken in conjunction with geological mapping. A program of diamond drilling will follow.
To acquire its 49% interest, Rondal must issue 2 million shares in stages over a 2-year period, pay US$1 million in stages over a 2-year period and spend at least US$2 million on exploration over two years. The junior will pay a finder’s fee of 100,000 shares.
Financing is being arranged through Canaccord Capital, which has agreed to buy, on a brokered private placement basis, 2.5 million units in aggregate at the price of 18cents per unit. Each unit will consist of one share and a warrant to buy a second share at the same price during the first year and at 21cents during the second. Rondal has agreed to a 10% commission, payable in units.
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