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Tesoro Minerals ( (TSE:TES) ) has shared an announcement.
Tesoro Minerals has closed its acquisition of the Rumichaca and Cerro Macho epithermal gold exploration properties in Peru from Globetrotters Resource Group, securing a 100% interest in both projects. The deal was settled through the issuance of 1,425,000 Tesoro common shares and the granting of a 2% net smelter return royalty, of which 1% can be bought back for $1 million prior to a feasibility study.
The Rumichaca and Cerro Macho properties, covering 900 and 2,500 hectares respectively, exhibit alteration and geochemical signatures indicative of large high-sulphidation epithermal and porphyry systems. Tesoro aims to define subsurface drill targets by first mapping lithology and alteration in detail, then conducting about 60 line kilometres of induced polarization and magnetic surveys at an estimated cost of C$300,000, a program the company says is fully funded following a recent private placement.
Conditional approval from the TSX Venture Exchange has been obtained for the transaction, clearing a key regulatory hurdle for Tesoro’s expansion in Peru. Successful advancement of Rumichaca and Cerro Macho could strengthen the company’s project pipeline and enhance its positioning within the Andean precious metals exploration space, with potential long-term implications for shareholders if exploration results confirm the large-scale systems suggested by early surface work.
More about Tesoro Minerals
Tesoro Minerals Corp. is a junior mineral exploration company listed on the TSX-V and focused on discovering and advancing high-quality precious and base-metal projects in Peru. The company leverages in-country expertise and a disciplined, value-accretive approach to project acquisition and exploration, targeting prospective geological systems with significant upside potential.
Average Trading Volume: 26,676
Technical Sentiment Signal: Buy
Current Market Cap: C$4.77M
Learn more about TES stock on TipRanks’ Stock Analysis page.