Bocana Resources Corp. has entered into a binding letter of intent to acquire 100% of the rights to U.S. Bureau of Land Management placer mining claims in Pinal County, Arizona, totaling 1,440 acres. The acquisition will be made through a newly formed subsidiary for a total purchase price of US$27,500,000. Technical reports for four of the claims show promising gold and silver grades, with high-grade gold concentrations in all holes. Bocana plans to conduct further due diligence studies to confirm these results. The TSX Venture Exchange must approve the transaction.

The claims are located approximately 85 miles southeast of Phoenix and consist of seventy-two 20-acre claims in two contiguous areas. Bocana will acquire the claims through a newly formed subsidiary, Arizore LLC, for a total purchase price of US$27,500,000. An initial deposit of $200,000 has been made, with the transaction subject to various conditions, including regulatory approvals. Technical reports for four of the claims show high-grade gold and silver concentrations, with promising results from drilling programs. Bocana intends to conduct additional due diligence studies to confirm these findings.

Historical technical reports for the claims show potentially economic gold concentrations with associated silver, platinum, palladium, and rhodium. Bocana will need to conduct further drilling, sample assays, and metallurgical studies to confirm these results. The company’s consulting geologist, Mr. Lorne Warner, approved the scientific and technical information in the reports. The TSX Venture Exchange has yet to approve the transaction, which does not represent a change in business for Bocana.

Read more at GlobeNewswire: Bocana Resources Corp. Signs Letter of Intent to Acquire