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The Australian-listed junior (ASX:MNC) can earn a 51% interest in Chuscal through expenditure of US$2.5 million over three years. Chuscal is 2km from the company's Miraflores deposit. Metminco formed a JV with AngloGold in 2018.
"The signing of concession contracts for granting of the exploration licences is a very important step in Colombia, paving the way for drilling these priority porphyry gold targets at Chuscal," said Metminco executive chairman Kevin Wilson.
Metminco is planning a maiden 2,500m drilling programme to test Chuscal where there is a large outcropping porphyry gold target with epithermal gold overprint. The target is associated with a large coincident geochemical and geophysical anomaly.
Drilling will commence once all remaining permits and approvals are obtained, financing is secured and subject to the completion of the merger with Andes Resources. This is due to be around mid-July.
