Bocana Resources Corp. Signs Letter of Intent to Acquire Mining Claims in Arizona

Core Viewpoint - Bocana Resources Corp. has entered into a binding letter of intent for the acquisition of 100% of placer mining claims in Arizona, indicating a strategic move to enhance its mineral asset portfolio [1][3]. Group 1: Transaction Details - The acquisition involves 72 placer mining claims totaling approximately 1,440 acres located in Pinal County, Arizona [2]. - The total purchase price for the claims is US$27,500,000, with an initial deposit of $200,000 made to the seller [3]. - The claims will be acquired through a newly formed subsidiary, Arizore LLC, registered in Nevada [3]. Group 2: Conditions and Approvals - The transaction is subject to several conditions, including the execution of a definitive agreement, completion of financing, satisfactory due diligence, and regulatory approvals [4][5]. - The transaction will be treated as a "Fundamental Acquisition" under TSX Venture Exchange Policy 5.3, with no finder's fees involved [4]. Group 3: Technical Reports and Findings - Historical technical reports indicate potentially economic concentrations of gold and associated metals across four claims, with average gold grades of 4.6 oz/ton and silver grades of 1.9 oz/ton from the LPA4-04 claim [7][8]. - The Dirt-01 claim shows average gold grades of 1.4 oz/ton and silver grades of 0.4 oz/ton, demonstrating consistency in higher-grade mineralization [13]. - The Dirt-02 claim has reported average gold grades of 0.589 oz/ton and silver grades of 0.475 oz/ton from nine drill holes, indicating potential for further exploration [14]. Group 4: Company Overview - Bocana Resources Corp. is focused on the acquisition, exploration, and development of mineral properties in North and South America, holding a 100% working interest in the Escala area concessions in Bolivia [29].