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Metminco enters final stage of exploration licence grant process for Chuscal Gold Project

The exploration licences are expected to be granted over the next two months.

Map of Colombia
Chuscal is a joint venture project with AngloGold Ashanti

Metminco Ltd (ASX:MNC) has completed the Audiencia Publica (socialisation of the proposed grant of title) for its exploration licence applications at the Chuscal Gold Project in Colombia.

This process was run by the Colombian Mining Authority (ANM) in the municipality of Quinchia and is the final step prior to preparation of the Exploration Licence (EL) contract.

Chuscal is 1,700 metres south of Metminco’s proposed plant at Miraflores

The Chuscal exploration licence applications, along with others, can now be granted by the ANM. This process is expected to take up to two months.

Metminco and its joint venture partner AngloGold Ashanti (NYSE:AU) remain in regular correspondence with the ANM regarding the EL granting progress. Metminco is earning a 51% interest in the Chuscal Project.

READ: Metminco enters JV to develop Colombian gold project with AngloGold

Following grant of the ELs, Metminco expects to rapidly mobilise to undertake a maiden drilling program of about 2,500 metres of diamond drilling to test the large outcropping Chuscal porphyry gold target.

The porphyry target has an epithermal gold overprint, which comprises a large coincident geochemical and geophysical anomaly above an artisanal mining operation.

The drilling program is due to occur shortly after, and subject to, the completion of the merger with Andes and associated financing, which Metminco aims to complete on or around June 2019.

READ: Metminco to merge with Andes Resources to consolidate advanced exploration assets in Colombia

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