Optioned to IAMGOLD Peru S.A.
Los Tambos is currently optioned to IAMGOLD Peru S.A., a wholly owned subsidiary of IAMGOLD Corporation (TSX:IMG;NYSE:IAG). The concession package covers approximately 15,793 hectares and contains wide scale mineralization throughout. The epithermal high-sulfidation (HSE) gold system contains an enormous alteration footprint with up to 2.0 g/t gold at surface. Recently, IAMGOLD has expanded the concession package and commenced drilling in Q4 2020, completing 3,789 metres, as well as geophysical surveys (CSAMT and magnetometry).
IAMGOLD has the option to earn up to 70% interest in Los Tambos. IAMGOLD must spend US$4 million over four years (drill a minimum of 2,000 metres) and make payments to Pucara of US$500,000 to earn a 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.