The San Antonio Project is a gold development project in the State of Baja California Sur. The Project has been optioned for purchase by Heliostar in 2023, subject to certain requirements and a final payment of up to $150 million subject to the gold price at the time. The option will be nullified and ownership will be to the full credit of the Company. The property comprises 15 titled concessions covering 46,328 ha. An environmental permit for the project is pending.
The San Antonio Project hosts a measured and indicated mineral resource estimate of 1,735,000 ounces of gold (553,000 measured and 1,182,000 indicated ounces) at 0.83 g/t gold in 65,090,000 tonnes and an inferred resource of 67,000 ounces of gold at 0.34 g/t gold in 6,215,000 tonnes (Source: San Antonio Technical Report, as defined below).
All technical information on the San Antonio Project is based on a technical report entitled “NI 43-101 Technical Report on Resources San Antonio Project” with an effective date of September 1, 2012, filed on SEDAR by Argonaut Gold on October 15, 2012 (the “San Antonio Technical Report”). To the best of Heliostar’s knowledge, information, and belief, the San Antonio Technical Report is considered current pursuant to NI 43-101 and there is no new material scientific or technical information that would make the disclosure of the mineral resources or results of the San Antonio Technical Report inaccurate or misleading.
While the Company considers the San Antonio Technical Report to be current, it plans to prepare an updated technical report based on its revised approach to developing the San Antonio Project and will file such technical report within 180 days of the July 17 news release.
