{"id":1193806,"date":"2020-07-03T17:53:53","date_gmt":"2020-07-03T22:53:53","guid":{"rendered":"https:\/\/www.mining.com\/?p=1028734"},"modified":"2020-07-03T17:53:53","modified_gmt":"2020-07-03T22:53:53","slug":"gran-colombia-funds-caldas-golds-juby-acquisition-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1193806","title":{"rendered":"Gran Colombia funds Caldas Gold\u2019s Juby acquisition"},"content":{"rendered":"

Colombia-focused\u00a0Gran Colombia Gold\u00a0has invested C$14 million in a private placement in its recent spinoff,\u00a0Caldas Gold, to fund the acquisition of a project in Ontario\u2019s Abitibi greenstone belt.<\/p>\n

In a deal announced in May, Caldas Gold is acquiring the Juby project, 100 km southeast of Timmins, from South American Resources Corp. (SARC).<\/p>\n

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Caldas operates the Marmato mine in Colombia, which produced 25,750 oz. gold in 2019<\/p>\n<\/blockquote>\n<\/figure>\n

The private company has an agreement to acquire the project from\u00a0Pan American Silver\u00a0subsidiary Lake Shore Gold. Also part of the deal is a 25% interest in the Knight JV with Lake Shore, which is adjacent to Juby.<\/p>\n

In return for the assets, SARC will receive 20 million Caldas shares, and Caldas will also make the final payments on the projects to Lake Shore.<\/p>\n

$9.5 million is owed to Lake Shore to secure the 100% interest in Juby, with another $500,000 required to close the Knight JV interest.<\/p>\n

Juby is an advanced exploration-stage gold project, with 1.1 million indicated oz. gold contained in 26.6 million tonnes at 1.28 g\/t gold. Inferred resources add 2.9 million oz. gold in 96.2 million tonnes grading 0.94 g\/t gold.<\/p>\n

Caldas operates the Marmato mine in Colombia, which produced 25,750 oz. gold in 2019. The company, which began trading in February, is currently advancing a prefeasibility study for an expansion of the underground mine.<\/p>\n

After being issued 7 million shares at C$2 apiece in the private placement, Gran Columbia currently owns 77% of Caldas Gold. When the acquisition of SARC is closed on July 2, it will hold 57.5% of the company.<\/p>\n

Gran Colombia recently made a\u00a0failed bid for Guyana Gold\u00a0in an effort to create a larger South America-focused gold producer.<\/p>\n

(This article first appeared in the\u00a0<\/em>Canadian Mining Journal<\/em><\/a>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Company has invested C$14 million in a private placement in its recent spinoff, Caldas Gold, to fund the acquisition of a project in Ontario’s Abitibi greenstone belt.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1193806"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1193806"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1193806\/revisions"}],"predecessor-version":[{"id":1193807,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1193806\/revisions\/1193807"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1193806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1193806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1193806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}