Austral Gold Argentina has agreed to set up a joint venture (JV) with Mexplort Perforaciones Mineras for new precious metal projects in Argentina.

The new 50:50 JV will focus on identifying and developing new precious metal projects in the Indio belt in the San Juan province.

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According to the deal, Austral Gold will have an option to earn a 50% stake in the Mexplort’s Jaguelito advanced exploration stage project in the province.

To earn the stake, Austral is required to invest $2m in exploration work at the project within two years from the option approval by the Instituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan (IPEEM).

Furthermore, Austral will have to provide $2m in exploration expenditures within two years after completing the first stage of the project.

Mexplort will also receive $3m from Austral if the board of the JV approves the project construction based on a bankable feasibility study (BFS).

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Austral Gold CEO Stabro Kasaneva said: “We are investing in the Jaguelito project as we believe the project has the potential to discover a high-sulphidation deposit of the Alturas – Del Carmen or even Veladero type in Argentina.

“The Jaguelito project appears to have the same affected volcanic units that host a large zone of alteration having the same age, based on evidence of mineralisation of silver and gold intercepted in previous drilling campaigns.”

The Jaguelito project is a high-sulphidation deposit, where up to 30,000m has already been drilled.

Mexplort is a subsidiary of Corporación America International.