Rio2 is a follow-up business to the previously Rio Alto Mining, which began business in 2008 and was acquired by Tahoe.

The buyout is aimed at supporting exploration efforts at the Abriaqui gold project in Colombia.

The discovery comes a week after the company reported a rock chip sample grading 10.4% copper and 88 g/t silver.

Company plans to drill 14,500 metres at the property in Mexico this year.

The company has an option to earn a 70% interest in Otis Gold's Oakley project.

The US Bureau of Land Management accepted West Kirkland Mining’s proposal.

Financier Eric Sprott is putting some of his money behind the company's properties in the Kirkland Lake district of Ontario.

The study estimated an after-tax net present value of $231 million.