Nilam Resources, an established foreign metal producer in Peru, announced current negotiations for an additional acquisition. The company’s long and established relationships with Peru have given the company many opportunities to some of the most sought-after properties in the country, which allows Nilam Resources to have the first right of refusal on exceptional developments. The company desires to add only the best properties, which will raise shareholder value greatly.
“We are very pleased with our current projects and look forward to ongoing growth,” said Alain Vachone. “’Nilams’ goal is to become a major mining company in Peru which will happen through joint ventures and ongoing acquisitions to add to our portfolio.”
The property is a disseminated gold and silver project in the southern part of Peru which has a geological resource totaling 1 million ounces of gold; the infrastructure is exceptional and 60 percent of the project is unexplored. The actual gold price this represents is $1 billion gross value USD.
A skarn copper project returns impressive surface, underground and drilling values. Only four holes have been drilled: two have proved the target and one returned an extraordinary value of 8% Cu over 18 m, which undercut sampling in a short tunnel which yielded at 6% Cu. At existing copper prices, this is approx. $520 per ton over extractable open-pit type deposits. The zone is 900 long 20-30 m wide and may be wider at low grade.
Let us hear your thoughts below: