US-based mining company Santa Fe Gold has concluded the acquisition of all of the capital stock of Bullard’s Peak Corporation from Black Hawk Consolidated Mines Company.

Bullard’s Peak Corporation owns 13 patented claims and 82 unpatented claims in the Black Hawk district of New Mexico.

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These claims cover about three square miles in the Black Hawk Alhambra District located in Grant County.

Santa Fe Gold granted a 2% net smelter return in perpetuity to the seller, which is expected to be the most valuable asset the company will receive.

The claims in the Black Hawk district of New Mexico comprise Alhambra, Black Hawk, Silver King, Good Hope and Bullard’s Peak Mines.

Santa Fe Gold, which proposes to develop the Black Hawk Alhambra Silver Mines Complex, has already started preliminary discussions with certain potential mining companies, institutional investors and joint venture partners.

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“We are very pleased to have completed this important, and what we believe to be a highly promising, acquisition for Santa Fe.”

Santa Fe Gold chairman Brian Adair said: “We are very pleased to have completed this important, and what we believe to be a highly promising, acquisition for Santa Fe and I have personally invested $400,000 for the purchase of five million shares of company common stock at a purchase price of $0.08 per share from 30 November 2018 to date.

“The Alhambra district has a history of operations dating back more than a century and we believe this acquisition to be of considerable value to Santa Fe.”

The $3.1m deal was announced in September 2017 and Santa Fe Gold paid $1.5m at that time.