Luca expands land package with concession purchase near Mexican mine
Canadian miner Luca Mining has struck a deal with Fresnillo to acquire a mining concession that directly surrounds its Tahuehueto mine in Durango, Mexico.
The Vancouver-headquartered company said on Thursday it had paid $400 000 in cash to Fresnillo’s subsidiary, Minera Mexicana La Ciénega, for a 100% interest in the Humaya 3 concession. Covering 2 507 ha, the concession increases Luca’s total land position at Tahuehueto by more than a quarter, to about 10 000 ha.
The company said the concession is free of underlying royalties, giving it full ownership of the ground.
CEO Dan Barnholden said the transaction aligned with the company’s growth ambitions.
“Acquiring this strategic mining concession, which directly surrounds our Tahuehueto mine, aligns with our growth strategy as we add value to our assets. Luca will continue to demonstrate our ability to increase shareholder value through our commitment to exploration and discovery programmes. This ground will play a key role in our near-term exploration strategy at Tahuehueto as we expand our exploration efforts,” he said.
VP of exploration Paul Gray added the newly acquired ground held promising geological potential. "The Humaya 3 mining concession surrounds the Tahuehueto mine and with this acquisition we have significantly increased both the size and exploration potential of our mineral tenure at Tahuehueto. Known veins hosting our current mineral resources are interpreted geologically to extend along strike both to the northeast and the southwest onto this newly acquired concession. In particular, the Santiago vein, which hosts mineral resources and reserves at the mine and is the focus of our current surface drilling programme, extends to the northeast directly onto this ground and represents a high-priority drill target."
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