(MENAFN- ProactiveInvestors)
() has pounced on a high-grade zinc development project in Chihuahua Mexico.
Mexico is a mineral-rich and mining friendly country and has a highly skilled and experienced local workforce.
The country is the world's biggest silver producer and is top 10 in copper gold zinc lead molybdenum and manganese.
Newera has executed a binding Heads of Agreement to acquire 100% of Arena Exploration Pty Ltd who in turn have the right to earn up to 90% of the Plomosas zinc project.
Consideration includes cash payments and shares.
Records show the Plomosas project to be extremely high grade with approx. 1.7 million tonnes of ore having been being mined since 1943.
Highlighting the potential the average historical grades of 15-25% zinc + lead with 40-60g/t silver and clean mineralogy.
DJ Carmichael is leading a $500000 placement at $0.002 with a 1 for 2 attaching option.
Consideration details
After due diligence Newera may elect to acquire through Arena Exploration 51% of the Plomosas project in Tranche 1 with the following considerations:
- Make further cash payments totalling $400000 and the issuing of 750000000 NRU shares at $0.002.
- Make available an additional working capital facility up to $850000 secured by first ranking charge held over the existing mining concessions titles rights and equipment.
Newera will then have up to 3 years to elect to acquire 90% of the project by making a further cash payment totalling $750000 and issuing NRU shares to the value of $2500000.
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