Alicanto Minerals Ltd has been advised by Virgin Gold that sale conditions have been met or waived and the sale of AQI's Arakaka Gold Project in Guyana will go ahead on January 1, 2022.
The private Canadian purchaser expects to complete its reverse takeover of Canadian Stock Exchange-listed Goldblock Capital early in the new calendar year when Alicanto can look forward to receiving the initial consideration of C$700,000.
Subject to finalisation of the listing, Alicanto will be issued with up to a further C$4 million Goldblock shares, subject to the listed entity achieving a compliant resource estimate on the Arakaka Project in the two years following sale.
Funds for Swedish push
Alicanto will use the proceeds of the sale to train its attention on aggressive exploration campaigns at the Greater Falun copper-gold-silver-zinc-lead and Sala silver-zinc-lead projects in Sweden.
Back in June, managing director Peter George indicated the company was prepared to offload the Guyana-based project to throw its resources into what he called a ‘company-making’ opportunity at Greater Falun and Sala.
The company began drilling at Sala in May, and at Greater Falun in the previous September, with positive results including more than 200 million ounces of silver at very high grades at Sala.
At Greater Falun, the company intersected semi-massive sulphide skarn mineralisation with visual chalcopyrite in the second hole drilled at Stone Lake target.
Assays returned 0.27 metres at 5.92% copper and 4.6 parts per million (ppm) silver from 124.2 metres, as part of an interval grading 1.92% copper and 1.3 ppm silver over 0.92 metres.
About Alicanto Minerals
Alicanto Minerals has thrown its efforts into an aggressive exploration strategy in the Swedish mining region of Bergslagen, at the historic Sala silver-zinc-lead deposit and the greenfield site of the Greater Falun copper-gold and polymetallic skarn project.
This strategy is backed by company leaders with extensive technical, operational, financial and commercial skills as well as experience in mining exploration, strategy, venture capital, acquisitions and corporate finance.