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