70% Earn-In Agreement
Pucara’s Los Tambos project, formerly the Santo Tomas property, is currently optioned to IAMGOLD. The property covers approximately 4,100 hectares and contains wide scale mineralization throughout. The high sulfidation gold system contains an enormous alteration footprint with up to 2.0 g/t gold at surface. Recently, IAMGOLD has expanded the property and conducted geophysical surveys in preparation for drilling.
IAMGOLD has the option to earn up to 70% interest of the Los Tambos property. After obtaining the necessary agreements and permits for drilling, IAMGOLD must spend US$4 million over four years (and a minimum of 2,000m of drilling) and make payments to Pucara of US$500,000, equally 60% interest. The final 10% interest may be earned once IAMGOLD produces a one million ounce gold equivalent resource in the next two years and pays $2.00/oz gold equivalent for the total resource (measured indicated and inferred) to Pucara.