ASX- and TSX-V-listed Austral Gold will expand the area of its Pingüino project by securing an additional 7 000 ha, resulting in a new exploration cluster in Santa Cruz, Mexico.
The company on Wednesday announced the acquisition of an 80% interest in TSX-V-listed New Dimension Resources’ Sierra Blanca gold/silver project for $800 000 in cash and work commitments.
The company has a follow-on option to purchase the remaining 20% interest for an additional $2.3-million cash and certain work commitments.
The transaction is expected to close at the end of April.