Vancouver, British Columbia–(Newsfile Corp. – November 18, 2021) –( ) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to announce that Kuya Silver’s wholly owned Peruvian subsidiary, Kuya Silver Peru S.A.C., has won claims covering approximately 1,800 net hectares in the immediate vicinity of the Bethania mine (See Figure 1), to which mining concessions will be granted. The new concessions will be registered as Tres Banderas 03, Tres Banderas 04, Tres Banderas 05, Tres Banderas 06 and Tres Banderas 07.
David Stein, President and CEO of Kuya Silver stated, “We have been monitoring these properties in the Acobambilla district for several years, and we are thrilled to finally get the opportunity to acquire strategic areas that are contiguous to our Bethania mine and Carmelita concessions. Recent exploration has demonstrated that the Bethania vein system appears to be larger than the original mining claim, so adding concessions surrounding the mine increases the exploration potential of the project.”
Kuya Silver first filed applications for a group of claims in available areas in the vicinity of the Bethania mine in November 2020. However, since other companies filed applications at the same time, INGEMMET, the government body that governs the mineral concession system in Peru, was required to hold a sealed-bid auction in respect of each claim. For the purposes of the auctions, claims were divided into sections as small as 100 ha (1 km x 1 km). Earlier in November, Kuya Silver participated in 27 auctions, for claims covering a total of 2,800 ha, and submitted winning bids in 22 of those auctions, representing a total of 2,300 ha. Note that some of the claims for which Kuya Silver submitted the winning bids overlap with Kuya Silver’s existing claims, so when the acquisitions are final, the net acquisition of new claims will be approximately 1,800 ha, bringing Kuya Silver’s total holdings in the Acobambilla district to approximately 5,300 ha. Kuya Silver Peru S.A.C. disbursed a total of 2.23 MM Peruvian soles (approximately US$565,000) for the 22 mining concessions.
Other companies that participated in the public auction process for the same concessions include Anglo American Perú S.A., Newmont Perú S.R.L., Minera Peñoles de Perú S.A, Compañía Mineras Ares S.A.C. (a subsidiary of Hochschild PLC), Hanaq Perú S.A.C., Minera Anaconda Perú S.A. (a subsidiary of Antofagasta PLC), Fresnillo Perú S.A.C., and Minera Antares Peru S.A.C. (a subsidiary of).
Christian Aramayo, Kuya Silver’s COO, remarked, “Our team did an incredible job managing a highly competitive and challenging auction process involving as many as twelve other bidders. The recognition of this under-explored district by large international mining companies bodes well for future investment in exploration and development in this very prospective part of Central Peru.”
Figure 1: Bethania Concession Map
To view an enhanced version of this graphic, please visit:
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. David Lewis, P.Geo., Exploration Director of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.
For more information, please contact the Company at:
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “potential,” “progress,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104156
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