Belararox secured rights to Project in Argentina
Perth, Jan 3, 2023 AEST (ABN Newswire) - The Board of Directors of Belararox Limited (
ASX:BRX) is pleased to announce the potential acquisition (Acquisition) of the Toro - Malambo - Tambo (TMT) Project (subject to final due diligence) in the mining friendly province of San Juan in Argentina.
Belararox has signed a non-binding terms sheet with Fomo Ventures No1 Pty Ltd (FOMO or Vendors) to acquire the Toro - Malambo - Tambo (TMT) Project in Argentina, an extensive 32,000 hectares project with potential large scale Base Metal mineralisation and untested porphyry targets.
The TMT project is located in the Valle del Cura region within the San Juan province, in an underexplored gap between two world-class metallogenic belts, the El Indio and Maricunga belts in the Central Andes.
The San Juan province in Argentina, one of the most attractive mining jurisdictions of Latin America hosts several renowned high-profile advanced copper-gold porphyry projects including Filo del Sol (Lundin), Josemaria (Lundin), Altar (Aldebaran Resources), Los Azules (McEwen Mining) and El Pachon (Glencore) as well as the high-sulphidation gold-silver deposits Veladero and Pascua Llama (Barrick-Shandong).
As part of the transaction, Condor Prospecting Pty Ltd, an experienced exploration team based in Argentina, owned by the Vendors and closely associated with prominent exploration geologist Jason Ward, will be responsible for execution of the exploration programmes of the TMT Project.
Desktop studies and project planning is underway to validate the information from previous reports, confirm potential reported zinc mineralisation and review the porphyry targets.
The proposed strategic acquisition will complement Belararox's existing portfolio of Australian zinc-copper projects while providing a strong value proposition for shareholder value.
Fomo's TMT project is an expansive land package of over 32,000 hectares in Argentina's San Juan Province. San Juan is one of Argentina's most promining provinces and hosts several high-profile advanced projects including Filo del Sol, Josemaria, Altar, Los Azules and El Pachon and the giant, high sulfidation gold and silver deposits Veladero and Pascua Llama (Figure 2*).
Jason Ward CEO of FOMO commented: "The TMT Project comprises a number of prospects. There is strong epithermal mineralization previously reported at Toro and several targets at Malambo and Tambo which have seen no modern systematic exploration. BRX are committed to conduct the exploration this project requires, and I believe we have a very good chance of making an economic discovery".
Belararox MD Arvind Misra commented: "We are very enthusiastic about this Acquisition. The project is located in the mining friendly Province of San Juan in Argentina which has recently been rated by the Fraser Institute as the Number 1 Mining destination in Latin America. I believe this Acquisition both fits within our existing battery mineral strategy and will help bring our company to the next level".
To view details of the term sheet, figures and tables, please visit:
https://abnnewswire.net/lnk/YAL40S7O
About Belararox Limited
Belararox Limited (ASX:BRX) is a mineral explorer focused on securing and developing resources to meet the surge in demand from the technology, battery and renewable energy markets. Our projects currently include the potential for zinc, copper, gold, silver, nickel and lead resources.
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