Aris Gold buys 20% stake in Soto Norte gold mining project
Aris Gold Corporation is buying a 20% joint venture interest in the Soto Norte gold project in Colombia, with the option of acquiring a further 30%.
The Soto Norte gold project is one of the world's largest feasibility-stage projects with high-grade mineral reserves, low capital intensity, low operating costs, and district-scale potential.
It entered into the deal with MDC Industry Holding Company, a wholly owned subsidiary of the Abu Dhabi based investment company Mubadala Investment Company.
Aris Gold CEO Neil Woodyer said it will build a successful operation using state-of-the-art technology that will provide long-lasting benefits to the local communities and significant social development opportunities for the region.
"Soto Norte dramatically increases our growth profile with its potential to produce over 450,000 ounces of gold per year," he said. "Construction of Soto Norte is expected to follow the expansion of our 100% owned Marmato gold mine."
Danny Dweik, Executive Director, Industrials at Mubadala and Chairman of Minesa, said: "The Soto Norte project will benefit from their technical capabilities and Colombian experience, and we look forward to working with them and the local communities on bringing this world-class project to fruition."
The Soto Norte Gold Gold Project is located within the traditional mining area of California – Vetas, located approximately 350km north of Bogota and 55km northeast of the city of Bucaramanga, the capital of the Department of Santander.
The deposit hosts probable mineral reserves of 24.8Mt at 6.22 g/t Au, containing 5Moz of gold, Indicated mineral resources of 48.1Mt at 5.47 g/t Au containing 8.5Moz of gold (inclusive of mineral reserves) and Inferred mineral resources of 27.3Mt at 4.06 g/t Au, containing 3.6Moz of gold, located in mining concession 095-68.
Last week GoldMining acquired an existing 1% net smelter return royalty on its Yarumalito Project in Colombia from Newrange Gold Corp, in which it paid Newrange CAD$100,000 in cash and delivered 10,000 common shares.
Alastair Still, CEO of GoldMining, said Yarumalito was acquired by the company in 2019 as part of a strategic consolidation of three projects in the Mid Cauca Belt of Colombia that form a district-scale property package in one of the under explored gold-copper belts in the world.
"By acquiring this royalty, GoldMining provides additional optionality for future exploration, joint ventures or value-enhancing transactions as we continue our disciplined approach of unlocking value from our portfolio of gold and gold-copper projects located throughout the Americas," he said.