GR Silver Mining (TSX-V:GRSL) Ltd said it has sold two early-stage, non-core exploration concessions - El Salto and El Salto Sur - to a private Mexican company, Grupo Minero Venturex S.A. DE C.V.
"The sale of these two concessions is part of the company's strategy to divest non-core concessions acquired in conjunction with the acquisition of the past producer La Trinidad mine," said GR Silver's CEO Marcio Fonseca in a statement. "By selling these concessions, the company will be eliminating the ongoing concession fee obligations and current liability once approval of the sale is granted."
The two concessions, acquired from Mako Mining in March this year, span a large combined area of 569.1 square kilometers (sq km) and lie to the southeast of the company's Plomosas project, on the Sinaloa-Nayarit border.
For the sale, the company received US$1,000 and was granted a 0.5% net smelter royalty (NSR)
READ: GR Silver Mining encouraged by first drill results from Loma Dorada target at Plomosas project in Mexico
In June this year, GR submitted reduction proposals in the area of the El Salto and El Salto Sur concessions to the Mexican government but has not yet received approval.
Venturex will be responsible for complying with all obligations arising from owning the concessions and paying all outstanding concession fees, fines, surcharges and updates derived from the non-payment of mining fees of the concessions until the date on which the payments are made.
On April 1, 2021, GR Silver announced it had closed the acquisition of Marlin Gold Mining (TSX-V:MLN) from Mako Mining Corp. (TSX-V:MKO)
"With this exciting acquisition, GR Silver Mining (TSX-V:GRSL) becomes the first company in the history of the Rosario Mining District to control 100% of the key Ag-Au assets, including two past-producing mines - Plomosas and La Trinidad - as well as the San Marcial Project,” Fonseca told investors at the time.
"Acquisition of the Marlin portfolio strengthens our position in the region and our control of the mineralized trends on the eastern border of the Rosario Mining District," he added.
"We now control three highly prospective, regional mineralized trends totaling 75 km combined length with at least 24 old workings/shallow mines already identified for future drilling."
The Trinidad mine operated from 2014 until 2019, and was considered to be one of the highest-grade open-pit heap-leach gold mines in Mexico during this period, according to the company.
Contact the author at giles@proactiveinvestors.com