MINING REFINING

Heliostar to buy Florida Canyon’s Mexican gold projects

Thu July 18 2024

Heliostar Metals has signed an agreement to acquire a portfolio of gold mining assets in Mexico from Florida Canyon Gold Inc. (FCGI) for $5m (C$6.84m).

Recently, these asses were spun out of Argonaut Gold.

Under the agreed terms, Heliostar will take over FCGI subsidiaries holding 100% interests in these assets, which include the La Colorada Mine in Sonora that is currently producing gold through residual leaching while on care and maintenance.

Additionally, the San Agustin Mine, an open-pit heap leach gold mine in Durango, and the closed El Castillo mine are part of the transaction.

The acquisition also encompasses the Cerro del Gallo Project in Guanajuato and the San Antonio Project in Baja California Sur, both advanced gold development projects.

This deal is due for completion in October 2024, subject to regulatory approvals and other customary closing conditions.

Source: https://www.mining-technology.com/