Goldplay Exploration has signed an option agreement to acquire the entire stake in the San Marcial project in Sinaloa State, Mexico, from a subsidiary of SSR Mining.

The San Marcial project spans an area of 1,250ha and is located south of the La Rastra and Plomosas historical mines.

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Goldplay is expected to make a total payment of $2.57m and issue an aggregate of 3.5 million common shares to SSR Mining under the deal.

“The near-surface, high-grade historical resource allied with preliminary historical metallurgical data encourages the company to continue exploration, aiming to expand the resource along the 3.5km trend.”

The company will also be required to invest $3m in exploration expenditures on the project in different phases over a three-year period in order to exercise the option.

Additionally, SSR Mining will also receive a net smelter return (NSR) royalty and equity participation rights for a period of one year.

San Marcial is a near-surface, high-grade silver, zinc and lead project situated approximately 30km away from Goldplay’s El Habal project in the historic Rosario mining district, Sinaloa, Mexico.

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The acquisition is expected to provide the company with an immediate opportunity for resource expansion.

Goldplay Exploration CEO Marcio Fonseca said: “Located only 30km from the company’s El Habal project, the addition of San Marcial to our portfolio in the Rosario Mining District is an excellent complement to our strategy of consolidating a highly prospective, 100%-owned portfolio in a world-class district.

“The near-surface, high-grade historical resource allied with preliminary historical metallurgical data encourages the company to continue exploration, aiming to expand the resource along the 3.5km trend.

“The historical exploration results, delineating 14 targets for precious metals explorations, represent an upside exploration potential in San Marcial for future discoveries.”

Furthermore, the latest agreement also offers Goldplay an option to repurchase the NSR royalty from SSR Mining.

Completion of the transaction is conditional upon receipt of all necessary regulatory approvals.