en.Wedoany.com Reported - Metals Exploration, a metal exploration company listed on the AIM market of the London Stock Exchange, has recently been granted four exploration concessions located near its La India gold project in Nicaragua.
The new concessions cover a total area of approximately 64,400 hectares and are valid for 25 years. They require the payment of a 3% gross royalty to the Nicaraguan government, along with an annual surface rights fee that escalates yearly, starting from $0.25 per hectare in the first year and increasing to $12 per hectare from the 11th year onward.
This extensive concession package includes the La Grecia project area, which hosts historical gold mining sites, as well as several other gold targets previously explored by Newcrest Mining. Metals Exploration has identified four priority targets within the area, including La Grecia, San Cristobal, Dos Hermanos, and Las Cruces.
The La Grecia target contains a low-sulfidation epithermal system, with high-grade veins mapped at surface showing evidence of a boiling zone texture. Historical grab samples returned gold grades of up to 97.42 g/t and silver grades of up to 695 g/t. At the San Cristobal target, multiple veins have been mapped at surface and are associated with alteration assemblages typical of a low-sulfidation epithermal environment. The Dos Hermanos target has identified two main hydrothermal vein zones with a combined strike length exceeding 600 meters. Rock chip samples from this area returned gold grades of up to 62.6 g/t, and trench channel samples returned a grade of 17.9 g/t. Previous mapping at the Las Cruces target identified extensive argillic alteration and oxides, along with scattered vuggy silica and steam-heated alteration patches. Furthermore, mapping along creek areas revealed intensely altered and sulfide-rich (marcasite and pyrite) volcaniclastic tuffs and andesites, indicating a lithocap-style target overlying a gold/copper porphyry target.
Metals Exploration is a Latin America-focused gold exploration and development company, with its flagship asset being the La India gold project in Nicaragua, which is slated for near-term production. Darren Bowden, the company's CEO, stated that securing these new concessions adjacent to the La India project consolidates the company's position within the historic La India mining district and represents a significant step in strengthening the company's long-term growth in Nicaragua. He said: "Our ongoing technical work has identified four high-priority targets, and encouraging historical results indicate the potential for future gold resources. While these new licenses provide the company with additional exploration prospects, our focus remains on advancing the La India gold project towards production, with first gold expected before December." Bowden concluded that by prioritizing near-term development while continuing to build a robust exploration portfolio, Metals Exploration aims to achieve its immediate goals while supporting future resource growth.
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