Butte Energy to buy Argentina silver deposit
TSX-V-listed Butte Energy has its eye on a large, high-grade silver deposit in Argentina.
The company on Tuesday announced a letter of intent (LoI) to acquire a 100% interest in the El Quevar project, in Salta province, from NYSE American- and TSX-listed Golden Minerals for $3.5-million.
The high-grade Yaxtché deposit at El Quevar holds 45.3-million ounces of silver at 482 g/t in the indicated category and 4.1-million ounces in the inferred category at 417 g/t silver.
The Yaxtché deposit covers less than 1% of El Quevar's 56 719 ha and most of the area remains unexplored.
Supported by the Fiore Group, Butte’s vision is to build a leading silver company to fuel the energy transition and create significant shareholder value.
Meanwhile, Golden Minerals said that it signed the LoI to address its near-term liquidity needs. While the company initially planned to conduct additional drilling and complete an updated technical report at El Quevar, Golden said it believed that the sale of the project was the most effective strategy for alleviating its short-term financial pressures.
Moving forward, Golden said it intends to concentrate its exploration efforts on its other projects, including Sarita Este/Desierto and Sand Canyon, subject to the availability of future funding.
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