El Salvador lawmakers overturn mining ban in win for president
The legislation will grant the Salvadoran government sole authority over mining activities within the country's land and maritime territory.
Quadro Resources (TSXV: QRO) announced that it has signed an agreement with Metals Creek Resources (TSXV: MEK) to earn a 100% interest in MEK’s Careless Cove and Yellow Fox gold properties in Newfoundland, Canada.
To go ahead with the deal, Quadro will have to pay Metals Creek $100,000 and issue 1.5 million shares over the course of three years. Once QRO is vested at 100% by meeting all the payments, MEK will retain a 2% net smelter return royalty on any future mineral production. Half of this NSR can be purchased by Quadro for $1 million.
“The two properties form an exciting addition to our project portfolio in Newfoundland,” T. Barry Coughlan, Quadro Resources president and CEO, said in a media statement.
Prospecting at Careless Cove uncovered mineralization comprising quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite
“Whereas our Victoria Lake projects are focused on the gold-rich Cape Ray Fault system, described as one of the most prospective but under-explored regions in Canada, the Careless Cove and Yellow Fox properties are located to the northeast, and are adjacent to New Found Gold Corp.’s claims, which have seen promising early results.”
According to Coughlan, recent prospecting carried out at Careless Cove uncovered mineralization comprising quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite. Three samples taken from outcrop assays yielded 7.39 g/t Au, 0.47 g/t Au, and 4.15 g/t Au.
The executive also said that although no new sampling was carried out at Yellow Fox, previous sampling performed by MEK in 2011 resulted in a concentration of highly anomalous gold values with one sample returning an assay of 59.413 g/t Au.
