Ridgestone to expand Rebeico project in Mexico
Ridgestone Mining (TSXV: RMI) entered into an agreement to purchase a 100% interest in 10 mining concessions adjacent to its Rebeico gold-copper project in Sonora, Mexico.
The project sits on the Sierra Madre gold belt, credited with the production of over 80 million ounces of gold and over 4.5 billion ounces of silver.
In a press release, the Vancouver-based miner said the 10 concessions it wants to acquire cover an area of 3,292 hectares located to the west of Rebeico. They are considered a critical addition because there is evidence of a potential copper porphyry or IOCG deposit, which was revealed by the company’s exploration results obtained over the past year.
“Initial reconnaissance encountered numerous artisanal workings and mineralized outcrops which were sampled and tested for copper and gold. Based on a review of government records, little to no modern exploration has been undertaken in recent years,” the firm’s media statement reads.
To move forward with the deal, Ridgestone has to make an $83,000 cash payment to the vendor and issue five million common shares of the company.