Aztec Minerals (TSXV: AZT) has completed its previously announced full acquisition of its Cervantes Property in Sonora, Mexico. The flagship property was previously held via a joint venture with Kootenay Silver (TSXV: KTN).
Consideration for the 35% stake in the asset consisted of 10.0 million common shares of Aztec, which were issued at a price of $0.25 per each. Kootenay has also retained a net smelter return royalty of 0.5% on the property.
As a result of the transaction, Kootenay now becomes classified as an insider of Aztec, with the firm owning an 11.85% stake in the company via 10.7 million common shares. The deal makes Kootenay the largest shareholder of the company, after Alamos Gold whom earlier this year took a 9.9% position in the firm.
Sponsored · PTX Metals Inc.
The Cervantes property is a gold-copper project found just 55 kilometres west of the Mulatos and La India mines operated by Alamos Gold and Agnico Eagle. The property earlier this year was subjected to a phase two drill program, which saw 26 holes drilled over 4,649 metres in aggregate. Highlight results include 0.421 g/t gold over 68.4 metres in hole CAL22-015, 0.87 g/t gold over 152.4 metres in hole CAL22-012, 0.53 g/t gold over 138.3 metres in hole CAL22-010, and 1.49 g/t gold over 136.8 metres in hole CAL22-005.
Aztec Minerals last traded at $0.25 on the TSX Venture.
FULL DISCLOSURE: Aztec Minerals is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Aztec Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
