VANCOUVER, BC, June 13,
2023 /CNW/ - MANTARO PRECIOUS METALS
CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the
"Company") is pleased to announce that it has closed its
acquisition of two highly prospective licenses, being the East
Trend and Media Sur properties, in the San Ramon Greenstone belt in
Bolivia.
Under the share purchase agreement with Jacob Garland (the "Vendor"), the Company
acquired all of the shares of Minera Meranti Ltda ("Merenti"), a
Bolivian company that holds title to the East Trend and Media Sur
licenses. In consideration of Merenti, the Company issued 2,000,000
common shares at a price of $0.05 per
share for a deemed value of $100,000.
The Vendor will be entitled to a payment equal to USD $3 for every one (1) ounce of gold and/or gold
equivalent of measured resource, indicated resource or inferred
resource, or any combination thereof, on the mineral rights above
500,000 ounces of gold and/or gold equivalent. The total amount of
cash that the Vendor may receive is USD $1,500,000 ("Maximum Amount"). For greater
certainty, the Maximum Amount applies to both properties and the
Vendor is not entitled to the Maximum Amount for each mineral
property.
The East Trend property is comprised of a total of 2,650
hectares and is located within the San Ramon gold producing
district. The property covers faulted greenstone terrain which
forms the eastern extension of the La Cruz Gold trend, a NW-SE
striking gold mineralized zone that has been mined via a large
number of small open pits by small-scale gold miners over 8 strike
kilometres. Recent activity by small scale miners indicates the
gold mineralized trend continues to the southeast the East Trend
property. The property is located 20 kilometers east from the Puqio
Norte historical gold mine and the Company's Golden Hill Property.
East Trend is significantly underexplored, despite its highly
prospective geological setting, which is analogous to known
proximal gold mines and deposits.
The Media Sur property is comprised of a total of 4,750 hectares
and is centered on the underexplored southern arm of a highly gold
prospective metasedimentary - metavolcanic faulted greenstone belt.
The project is situated along the same broad structure as two large
orogenic gold systems, Medio Monte
and La Lupa. The latter is currently in production and is
operated by a local Bolivian company that producing a significant
amount of gold using basic gravity circuits. Recent artisanal
mining activity suggests that gold mineralization continues to
Media Sur.
Qualified Person
Dr. Christopher Wilson, Ph. D.,
FAusIMM (CP), FSEG, a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information
contained in this news release.
About Mantaro Precious Metals
Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a
diversified portfolio of gold and silver focused mineral properties
in Bolivia and Peru. The Company holds an option to acquire
up to an 80% interest in the advanced Golden Hill orogenic gold property ("Golden
Hill"), located in the underexplored Precambrian Shield,
Bolivia.
In Peru, the Company has a 100%
interest in the high-grade Santas Gloria silver property as well as
a 100% interest in each of the La Purisima, Cerro Luque and Huaranay properties.
Forward-Looking
Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. The Company cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company's control. Such factors include,
among other things: risks and uncertainties relating to Company's
limited operating history and the need to comply with environmental
and governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, the Company undertakes no
obligation to publicly update or revise forward-looking
information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Mantaro Precious Metals Corp.