Austral Gold to become sole owner of Casposo mine in Argentina

Casposo mine site. (Image courtesy of Austral Gold).

Austral Gold (ASX: AGD) (TSXV: AGLD) entered into a share purchase agreement this week with Troy Resources (ASX: TRY) to acquire the remaining 30% interest in the Casposo silver-gold mine located in western Argentina.

In a press release, the Sydney-based miner revealed that it agreed to pay $200,000 for the outstanding common shares of Casposo Argentina, a wholly-owned subsidiary of Troy that owns the mine. 

The Casposo operation consists of an underground mine and a processing plant

“We are pleased to own 100% of Casposo and to continue with the exploration program that was launched last month,” Austral Gold’s CEO, Stabro Kasaneva, said in the media brief. “We are also assessing opportunities to consolidate surrounding projects and source ore from third parties. All these initiatives are part of our business strategy to consolidate mineral resources with the goal of recommencing mining operations at Casposo.”

The Casposo mine is a low-sulphidation epithermal gold and silver deposit located 10 kilometres NW of the township of Calingasta, in the San Juan province.

The entire underground operation covers some 100.21 square kilometres and sits on the eastern border of the Cordillera Frontal.  

Total measured and indicated resources have been estimated at 1,415,000 tonnes at 238Ag g/t; 3.00 Au g/t; 5.94 AuEq g/t.

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