Australian mineral explorer Belararox has signed a non-binding terms sheet with Fomo Ventures to acquire the Toro Malambo Tambo (TMT) project in Argentina.
The TMT project is a more than 32,000ha of the expansive land package, located in the Valle del Cura region within San Juan, one of the most pro-mining provinces in Argentina.
It hosts several high-profile advanced projects, such as Filo del Sol, Josemaria, Altar, Los Azules and El Pachon, along with the Veladero and Pascua Llama deposits.
The project represents an underexplored gap between the El Indio and Maricunga belts and holds large-scale base metal mineralisation and untested porphyry targets.
The El Indio and Maricunga metallogenic belts are rich in precious and base metals and both the Chilean and Argentinean sides of the border host large mines.
Belararox MD Arvind Misra said: “The project is located in the mining-friendly Province of San Juan in Argentina which has recently been rated by the Fraser Institute as the Number 1 Mining destination in Latin America.
“I believe this acquisition both fits within our existing battery mineral strategy and will help bring our company to the next level.”
Belararox intends to fund the transaction using existing cash resources and expects that additional funds will be required to be raised for future option payments.
Condor Prospecting, an exploration team based in Argentina, will execute the exploration programmes at TMT Project, as part of the transaction.
It is associated with experienced exploration geologist Jason Ward and includes several local exploration management personnel.
Belararox said that desktop studies and project planning are currently underway to validate the information from previous reports on potential zinc mineralisation and porphyry targets.
The proposed acquisition will complement its existing portfolio of Australian zinc-copper projects, and offers a strong value for shareholders, said the company.
FOMO CEO Jason Ward said: “The TMT Project comprises a number of prospects. There is strong epithermal mineralisation previously reported at Toro and several targets at Malambo and Tambo which have seen no modern systematic exploration.
“BRX is committed to conducting the exploration this project requires, and I believe we have a very good chance of making an economic discovery.”
