With resources at the Shahuindo gold-silver property in the Cajamarca region of northern Peru freshly boosted, Sulliden Exploration (SUE-T) has inked a deal to increase the project area.
The company has agreed to an option deal to pick up a 66% stake in the Vikingo and Vikingo I concessions adjacent to the northwest of Shahuindo. The two lie on strike of Shahuindo’s San Jose zone 3 km to the southeast. The deal would boost Sulliden’s land holdings by about 19 sq. km to nearly 130 sq. km.
Sulliden can earn its stake by issuing 90,000 shares, paying US$120,000 in cash, and sinking US$350,000 into exploration over three years. Sulliden is also granted a right of first refusal on the private vendor’s remaining 34%.
The Shahuindo project is home to a total resource of 34.4 million tonnes grading 1.03 grams gold and 23.61 grams silver per tonne, or 1.14 million oz. of contained gold and 26.1 million oz. contained silver. Most of the resources is classified as indicated, with about a third inferred.
Sulliden is preparing a second round of 10,000 metres worth of drilling to test extensions of the known mineralization. Drilling will also test geochemical targets.
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