Properties
El Salvador 149.5 km2 - Potonico Technical Report
Tribune Uranium Corp. entered into a memorandum of understanding (MOU) with Aura Silver Resources Inc. to purchase the outstanding shares of Aura Silver's wholly owned Salvadoran subsidiary, and therefore, all of its Salvadoran assets. The assets comprise a total of 149.5 square kilometres of contiguous exploration licences and host a large low-sulphidation epithermal gold/silver system. Early exploration efforts by Aura Silver have delineated numerous veins over roughly 12 square kilometres with anomalous gold values ranging from trace amounts up to 52.2 grams per tonne (g/t) gold (Au).
The veins display classic low-sulphidation vein textures and vary in thickness from a few tens of centimetres to over eight metres in width. Individual veins can be traced for up to two kilometres along strike. Veins within the claim blocks occur along prominent northwest and northeast regional structural features and in particular at the intersection of these broad regional structures. Fieldwork to date, including alteration and metal zonation appraisal, suggests that the known mineralized area can be further expanded. Gold systems such as this one occur along a broad west-northwest-trending mineral belt that includes Pacific Rim's nearby El Dorado deposit and Intrepid Mines' San Cristobal project.
The MOU provides that Tribune will spend $150,000 (U.S.) to finalize environmental permitting and resolve social licence issues. At Tribune's discretion, Tribune can choose to continue with the project by issuing 400,000 shares of Tribune over a period of three years. Aura Silver will retain a 2-per-cent net smelter royalty (NSR) that Tribune can buy down for $3-million (U.S.). The parties to the MOU have agreed to negotiate in good faith definitive agreements containing terms consistent with the MOU regarding the acquisition of these claims.
The claims described above are part of a 50/50 joint venture agreement with Intrepid Mines. The joint venture controls exploration rights to 149.45 square kilometres in this area. Tribune plans to finalize and resolve environmental permitting and social issues and continue with a thorough exploration program upholding the highest environmental norms and social/cultural awareness standards.
Only 20 km from the Potonico District property lies the most advanced modern project in El Salvador: the El Dorado gold-silver property., a high-grade epithermal banded quartz system. Recent reports have measured and indicated resources of 1.6 million tones grading 11.4 g/t gold and 70.3 g/t silver (585,000 contained ounces gold and 3.6 million ounces silver).
