The Argentine subsidiary of Northern Orion Explorations (NNO-T) has entered into an option agreement with the Latin American subsidiary of Mincorp on the project known as El Dorado.
The agreement requires that the Mincorp subsidiary, together with Argentine conglomerate Perez Companc, spend a total of US$5 million on the property over four years. In return, it will earn the right to acquire a 67% interest for US$500,000.
The 14,720-ha project lies 20 km west of the Cerro Vanguardia property, currently being developed by Cerro Vanguardia, in which Mincorp and Perez have a combined interest of 92.5%.
El Dorado consists of a series of well-defined, north-south-Trending quartz-barite veins and breccia zones hosted in volcanics.
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