Aloro Mining signs formal documentation for Quitovac
2023-05-08 07:13 ET - News Release
Mr. Thomas Doyle reports
ALORO SIGNS THE FORMAL DOCUMENTATION IN MEXICO TO ACQUIRE THE HISTORIC QUITOVAC MINE PROJECT
Aloro Mining Corp., through its Mexican subsidiary, Exploraciones Aloro SA de CV, has signed the formal documentation, in Mexico, with Cuesta Del Cobre S De RL De CV of Hermosillo, Sonora, Mexico, to acquire 100 per cent of the Quitovac gold mine project.
The Mexican agreement has been signed by representatives of both Exploraciones and Cuesta Del Cobre, notarized, and will be filed with the Registro Publico de Mineria, Mining Public Registry. The agreement will govern the terms of the mining exploration and exploitation contract, and the mineral rights assignment contract. This agreement is defendable in accordance with Mexican laws.
The Quitovac gold mine project consists of 14 mineral concessions that cover 2,643.82 hectares of highly prospective geological units for gold mineralization. The Quitovac mineralized area is classified with the other orogenic shear zone gold deposits of the region, including the gold mines of Mesquite, La Choya (eight kilometres south), La Herradura (35 km south, produced over 425,288 ounces gold in 2020), San Francisco and El Chanate. All these gold deposits are similar in character and are stated to be part of the Mojave-Sonora megashear.
Thomas A. Doyle, president, chief executive officer, stated, "The filing of this agreement in Mexico strengthens Aloro's position with the Quitovac mine project."
About Aloro Mining Corp.
Aloro controls the 2,643.82-hectare Quitovac mine project located in the prolific Mojave-Sonora megashear, where a large part of Mexico's recent gold production is derived. Aloro also controls the 3,199-hectare Los Venados project, which is located in the central part of the Mulatos gold district and is directly adjacent to the active Mulatos open-pit mine of Alamos Gold Inc. The Los Venados is under $5-million (U.S.) option agreement to Alamos Gold.
Bullish
