Cerro Resources NL (ASX:CJO)(TSX-V:CJO) has completed its previously announced acquisition of the Namiquipa Silver Project in Mexico from Minera Tasmania S.A. de C.V.
Under the Dec. 13 share purchase agreement, Cerro will acquire all of Minera’s shares in consideration for 30,000 shares of Cerro. The transaction is expected to close this Friday.
The Namiquipa Silver Project consists of three concessions totalling 4,400 ha. It includes the La Venturosa silver mine, which was the site of underground mining operations for silver, lead and zinc from 1929 – 1936, 1948 – 1955 and 1990 – 2002. Completion of the acquisition will give Cerro control of the mineralized trend to the north and south of the La Venturosa mine, where no previous systematic exploration has been undertaken other than some shallow mine production drilling in the early 1990’s. Several high priority targets have already been identified, including areas where mining occurred to depths of only 150-250m and along strike in both directions from the existing mine workings.
Since receiving shareholder approval for the acquisition and as part of its due diligence process, Cerro has reviewed, digitized and re-mapped existing records of the old mine workings and has identified a number of drill targets. This will be combined with a program of geophysics to commence this month with initial drilling planned for April.
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