New development Canada’s Adventus Mining has unveiled a US$5 Million earn-in agreement with Japan Organization for Metals and Energy Security (JOGMEC) concerning the Tres Picachos Project in Ecuador.
“The approximately 3,674-hectare concession is located in south-east Ecuador, south of Solgold's Porvenir project,” the Canadian business said in a statement.
Under the terms of the agreement, JOGMEC has the right to earn a 75 percent ownership interest in the Tres Picachos project by investing a total of US$5 million until March 31, 2028.
The project in Ecuador “is prospective for copper, molybdenum, gold and silver based on work completed to date. Tres Picachos has surface sampling and mapping completed, as well as geophysical work. Historical rock samples show a central anomaly with copper and gold mineralization,” according to Adventus Mining.