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Altiplano Metals (TSXV: APN) announced that it has entered into a letter agreement to acquire 100% interest in the mineral property rights covering 16,806 hectares and known as the San Pedro mining concession, located in the La Cruz del Río Grande municipality in eastern Nicaragua.

In a press release, the Canadian miner said that the deal will be done for a consideration of $3 million through the issuance of an aggregate of 10m common shares of the company at a deemed price of $0.30 per common share to four arm’s length unrelated vendors, consisting of 2m common shares to one vendor (Luc English) and 2,666,667 common shares to each of the other three vendors (Severin Holdings Inc., Jemseg Capital Inc., and Ian Harris). 

According to Altiplano, San Pedro is a drill-ready project with the potential for an early maiden mineral resource estimate, as significant trench intercepts provide clear targets to test for continuity of gold mineralization to depth and develop a 3-dimensional model of the mineralized body. 

“We are pleased to reach an agreement on a high-quality, scalable gold exploration project that has previously yielded promising historical exploration results. Exploration work at San Pedro has identified several zones of particularly noteworthy gold-grade in near-surface oxide as well as in previous drilling beneath the oxide zone,” Alastair McIntyre, the company’s CEO, said in the media brief.

“The geological information is excellent and indicates that clearly defined drill targets occur over an approximate 15-kilometre strike length of mineralized gold-bearing epithermal quartz veins.”

The San Pedro mining concession application area is located on the eastern foothills of Nicaragua’s Central Dividing Range, an area of Tertiary-aged volcanic rocks that host numerous epithermal gold deposits including Calibre Mining’s La Libertad and El Limón gold mines, and Condor Gold’s La India gold mine development project.