What's Happening?
Starcore International Mines has finalized a 10-year lease agreement for the Tortilla Project, a historical silver mine located in Queretaro, Mexico. The lease was secured through a non-binding letter
of intent with Manuel Felipe Arreguin Martinez, and involves a payment of US$268,500, with a portion already paid. The agreement includes a 2% net smelter return royalty from mineral production. Starcore has identified two main mineralized zones within the project, with significant silver grades. The company has the option to purchase the claims and concessions for US$5 million during the lease term and two years thereafter.
Why It's Important?
The Tortilla Project represents a strategic investment for Starcore, offering potential economic returns through silver production. This lease allows Starcore to expand its portfolio in Mexico, a region known for its rich mineral resources. The project's historical significance and identified mineral zones provide promising opportunities for exploration and production. As a precious metals producer, Starcore's investment in the Tortilla Project aligns with its growth strategy, potentially enhancing its market position and shareholder value. The lease agreement also reflects the company's commitment to sustainable mining practices and economic development in the region.
