Vancouver-based Centurion Minerals Ltd (TSX-V: CTN) is expanding its footprint into Central America by acquiring a major stake in a Nicaragua gold project. It will be jointly operated with the local company Global Group S.A.
Centurion, which trades its shares for little more than a penny, announced that it will be taking a 50 per cent interest in the nation’s San Cristobal operation on Monday. This will be made possible by funding exploration and development work prior to a production decision at the site.
“We see incredible opportunity in Nicaragua, which has a significant history of mineral development and responsible mining,” Centurion chief executive David Tafel said in a press release. Furthermore, he praised Nicaragua’s road and power infrastructure, saying that it makes the nation an ideal mining location.
Canada’s prospector will have the option to increase its stake to 70 per cent by providing an unspecified cash sum agreed upon with Global.
The 2,520-hectare site is situated northeast of the Limon Mine & Mill owned by Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) and south of the San Albino gold producing asset held by Mako Mining Corp. (TSX-V: MKO).
Map credit: Global Group S.A.
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Advanced stage gold-silver project next door
San Cristobal resides adjacent to Condor Gold’s (TSX: COG) La India precious metals project in the west. La India has produced well over a half a million gold ounces historically.
It is currently estimated to hold 9.85 million tonnes of ore at an average grade of 3.6 g/t Au. Condor Gold is seeking to sell the operation and says it is currently reviewing five offers.
Centurion’s and Global’s proximity to this resource has brought the companies optimism for San Cristobal’s future.
The Vancouver junior’s primary asset is the Casa Berardi West project in northwestern Ontario. Now, the company aims to benefit from Nicaragua’s yellow metal deposits.
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