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Be the first with the news that moves the market- Cascada Silver Corp. (CSS) has signed an option agreement to acquire the Angie Copper-Molybdenum Project
- The agreement empowers Cascada to acquire a 100-per-cent interest in the 1,500-hectare project located in Region III, Chile
- Under the terms of the option agreement, Cascada will make a series of periodic payments totalling $3,600,000
- Cascada Silver Corp. is a mineral exploration company focused on exploration opportunities in Chile.
- Cascada Silver Corp. (CSS) was up 50.00 per cent, trading at C$0.03 at 10:00 ET
Cascada Silver Corp. (CSS) has signed an option agreement to acquire the Angie Copper-Molybdenum Project.
The agreement empowers Cascada to acquire a 100-per-cent interest in the 1,500-hectare project located in Region III, Chile, about 75 kilometres east of the City of Copiapo.
Under the terms of the option agreement, Cascada will make a series of periodic payments totalling $3,600,000.
The second through fourth-anniversary payments may be paid 50 per cent in cash and 50 per cent in Cascada common shares at Cascada’s choice.
In addition to the annual payments, upon Cascada earning a 100-per-cent interest in the project, the vendor will receive a 1.5-per-cent net smelter royalty, two-thirds of which may be purchased by Cascada for $5,000,000 for a period of up to one year from the start of commercial production.
The Angie Project is located at lower altitudes (2,800 to 3,200 metres) with good road access.
Historical geochemical rock chip sampling on the Angie Project outlined a+50 parts per million (ppm) molybdenum anomaly encompassing an area of approximately 1,000 by 1,500 metres with molybdenum assays of up to 1,150 ppm.
The undrilled molybdenum anomaly is associated with anomalous tin and tungsten. Molybdenum anomalies commonly occur as halos around Chilean copper porphyry systems.
“The Angie Project has the earmarks of hosting a significant mineralized porphyry system, and while we will conduct geological mapping in order to better understand the structural setting of the molybdenum anomaly, the Angie Project is essentially drill-ready,” stated Carl Hansen, CEO of Cascada.
Cascada Silver Corp. is a mineral exploration company focused on exploration opportunities in Chile.
Cascada Silver Corp. (CSS) was up 50.00 per cent, trading at C$0.03 at 10:00 ET.
