Torq Resources Inc. Option Agreeements in the Andrea and Margarita Mining Project
1. Deal Description
Guerrero Olivos represented Canadian mining company Torq Resources Inc. (“Torq”) in several option agreements to earn 100% interest in two relevant mining projects in Chile.
During the lasts months our mining and corporate teams worked assisting Torq in:
(i) acquiring the option to earn a 100% interest in the Margarita Iron-Oxide-Copper-Gold project located in Chile, 65 kilometres (km) north of the city of Copiapo. This was the first of a series of acquisitions of high-quality copper-gold exploration projects with district scale potential in Chile. Under these agreements, Torq can acquire 100% interest in the Margartia project, subject to a net smelter royalty through combined cash payments and work expenditures; and
(ii) acquiring the option to earn a 100% interest in the Andrea copper porphyry project located in northern Chile, 100 kilometres (km) east of the city of La Serena. The property is located at the western margin of the Miocene aged El Indio belt that hosts the world-class El Indio and Pascua Lama epithermal gold and silver deposits (Barrick Gold Corporation). This belt was extensively explored for precious metal epithermal deposits in the 1980s – 1990s, but remains highly under-explored for copper porphyry systems.
2. Counsel list
Counsel to Torq: Guerrero Olivos (mining and corporate areas)
Partner: Pedro Lyon
Associates: Jerónimo Zabala and María José Morales
Counsel to Compañía Minera Viento Norte in the Margarita Project: Barros Silva Varela Vigil. Partner: Francisco Varela
Andrea Project: Violic, Recabarren y Cía.
3. Date of closing
Last closing was signed the first week of June 2021
4. Deal Value
USD13.1 millon in aggregate
5. Jurisdictions involved
Chile and Canada