Pucara’s Los Tambos project, formerly the Santo Tomas property, is currently optioned to IAMGOLD Peru S.A, a wholly owned subsidiary of IAMGOLD Corporation (TSX:IMG;NYSE:IAG). 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, earning 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.