Pioneer Minerals secures option on Argentinian project
- Pioneer Minerals has secured staged option agreements to acquire the San Francisco Gold-Copper-Silver Project in San Juan Province, Argentina.
- The company received firm commitments for an $1.8 million capital raising before costs to fund the acquisition and initial exploration activities.
- Pioneer aims to consolidate 3,477 hectares across the project area to test underexplored breccias and vein systems.
Pioneer Minerals (ASX:PMM) has entered into staged option agreements to acquire the San Francisco Gold-Copper-Silver Project in Argentina alongside an $1.8 million capital raising.
The transaction offers Pioneer access to a project where previous diamond drilling returned historic intercepts, including 109m at 4.94 grammes per tonne gold, 109 grammes per tonne silver, and 1.13% copper.
Pioneer CEO Michael Beven said, "Extensive historical drilling has intersected broad zones of high-grade gold, silver and copper mineralisation, including mineralisation extending to significant depths."
Historical exploration across the target area identified over 70 breccias and 130 veins, with only nine breccias and one vein system drill-tested to date.
The capital raising comprises $1 million in unsecured, interest-free convertible loans and an $0.8 million placement at $0.18 per share, subject to shareholder approval.
Following the announcement, the Pioneer Minerals share price was unchanged at $0.28.
If fully executed, the option agreements will give Pioneer a consolidated landholding of 3,477 hectares in San Juan Province.
The company stated that the capital will support independent 3D geological modelling, project reviews, target generation, and year-one exploration expenditure.
