Colibri to sell 50% of gold Sonora project to Silver Spruce

El Mezquite project area. (Image courtesy of Colibri Resource).

Colibri Resource (TSXV: CBI) announced that it has entered into an agreement with Silver Spruce Resources (TSXV: SSE) granting an option to purchase 50% of its wholly-owned Mexican subsidiary Yaque Minerales, which holds the El Mezquite gold project in Sonora.

In a media statement, Colibri said that El Mezquite is a drill-ready precious metal project in the Caborca District, 10 kilometres northwest of the town of Tepoca.

El Mezquite is situated approximately 12 kilometres northeast of the Nicho deposit currently under development by Minera Alamos

The 180-hectare property sits within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the northwest-trending Sonora Gold Belt of northern Mexico and is parallel to the precious metals-rich Mojave-Sonora Megashear.

To get half of the stakes in Yaque Minerales, Silver Spruce has to make cash payments of $210,000 over 12 months and issue a promissory note to the vendor for $500,000 for a debenture due in October 2023.

Upon full payment, Colibri and Silver Spruce propose to complete a 50:50 joint venture agreement to own and operate Yaque.

Minimum work expenditures total $600,000 over the four-year term, with no specific annual requirements.

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