Metals Exploration plc has added four “highly prospective” exploration concessions adjacent to its La India gold project in Nicaragua.
TARGETS
The awarded licences, comprising La Grecia, San Cristobel, Dos Hermanos and Las Cruces, cover a combined 64,400 hectares.
La Grecia includes historical gold workings and “numerous” other gold targets, previously explored by Newcrest Mining Ltd.
Metals noted: “From 1895 to 1909, the area was Nicaragua’s largest mining district, featuring an extensive system of underground tunnels.
“The main entrance was 500 m long, 3.0 m high, and 3.0 m wide, while seven other smaller tunnels have been identified and surround various sides and depths at the project site.”
The company added that Dos Hermanos was the first location mined at the La India District in the early 1900s, by the London-based Corduroy Syndicate.
The concessions have a 25-year term, subject to a government 3% gross royalty and annual surface rights payments from US$0.25/ha in year one to $12.00/ha from year 11 onwards.
Metals plans rehabilitation, mapping and sampling of historical La Grecia underground adit, trenching at La Grecia over outcropping vein system, as well as mapping and soil sampling over remaining unsampled areas at San Cristobal, Dos Hermanos and Las Cruces.
Exploration work will determine the priority targets suitable for drill testing, which is expected to begin during the second half of 2026, subject to availability of a drill rig.
Chief executive officer Darren Bowden said: “Securing these concessions adjacent to our La India gold project further consolidates our position within the historical La India mining district, and marks another important step in strengthening the company’s long-term growth in Nicaragua.
“Our ongoing technical work has identified four high priority targets, with encouraging historical results indicating the potential for future gold resources.
“While these new licences provide further exploration prospects for the company, our focus remains on advancing the La India gold project towards production, with first gold expected by December 2026.
“By prioritising near-term development and continuing to build a strong exploration portfolio, we aim to deliver on our immediate objectives while also supporting future resource growth.”