|Status:||Optioned to First Majestic|
Cumobabi consists of 240km2
of contiguous mineral tenure located 130km north east of Hermosillo, the capital of Sonora State, Mexico, and only 60km south west of the smelter at Nacozari. Access to the project is by highway and secondary roads. The property is held 100% by Evrim Resources Corp. subject to a 2% NSR. Cumobabi is one of the projects held by Evrim Resources Corp. within the Sonora porphyry Cu-Mo belt, host to the world class Cananea and La Caridad porphyry deposits.
First Majestic can earn a 100% interest in Cumobabi by paying US$75,000 upon signing the Agreement and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures by the second anniversary, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, First Majestic will no longer be required to make the annual payments and Evrim will retain a 1.5% Net Smelter Royalty ("NSR").
Cumobabi covers the majority of the Cumobabi breccia district and surrounds the past producing Cumobabi mine. Geology underlying the project consists of Cretaceous andesite volcanic centres intruded by Laramide age equivalent intrusive rocks including granodiorite and quartz-feldspar porphyries.
The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.