Adds to Portfolio with Project in Caborca Orogenic Gold Belt
Tocvan Ventures Corp. (CSE:TOC) is pleased to announce it has signed a Letter of Commitment with Millrock Resources Inc. to acquire the Option Agreement for the El Picacho Gold Project within the Caborca Orogenic Gold Belt in Sonora, Mexico. The Project is located 140 kilometers north of Hermosillo in Sonora, Mexico and is fully accessible by road. Extensive surface exploration has been conducted historically defining five gold targets on the project. Tocvan believes these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the Project. A site-visit has been completed by Tocvan to confirm target areas and project accessibility. The Agreement is subject to an additional 60-day due-diligence period effective June 7, 2021.
About El Picacho
Location and Infrastructure
Historic Work Summary
“We are extremely excited to announce the agreement to acquire the El Picacho Gold Project” Commented CEO, Derek Wood. “Tocvan sees this as a tremendous opportunity to add to our portfolio of strong gold assets and El Picacho will be the perfect compliment to Pilar. The amount of quality exploration work completed to date on the project provides Tocvan with several gold targets that can be advanced to drill ready status quickly. We look forward to advancing El Picacho while we continue to unlock the potential of Pilar.”
Terms of Option Agreement
Total cash payments of $1,989,600 USD will be made over a 5 year term to acquire 100% interest in the project. Millrock is to retain a 2% NSR with option for Tocvan to purchase back 1% for $1MM USD. Upon full execution of the Option Agreement an Annual Advance Minimum Royalty (“AAMR”) of $25,000 USD will be paid to Millrock, doubling each year until the start of production. An initial payment of $78,000 USD is due upon signing of the agreement.
Figure 1. Location of El Picacho Project within the Caborca Orogenic Gold Belt
Figure 2. Planview Map of Target Areas at El Picacho.
Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.
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We acknowledge the [financial] support of the Government of Canada.