Latin Metals Receives US$250,000 as Daura Advances Phase Two Drilling at Cerro Bayo
Latin Metals received US$250,000 for Cerro Bayo and La Flora, split US$150,000 to the vendor and US$100,000 to the company. Daura can earn 75% (80% with top-up) by funding US$1.7m in exploration payments (US$300k paid), completing 28,000m of drilling (1,850m done) and delivering a NI 43-101 resource estimate report.
1. Payment Under Option Agreement
Latin Metals has received a US$250,000 cash payment from Daura Gold under the company’s option agreement for the Cerro Bayo and La Flora projects. The payment comprised US$150,000 to the underlying property vendor and US$100,000 to Latin Metals, reflecting progress in Daura’s staged exploration commitments.
2. Option Terms and Next Drilling Phase
Under the option terms, Daura can earn up to a 75% interest (80% with top-up) by funding aggregate exploration payments of US$1.7 million (US$300,000 paid to date), vendor payments totalling US$400,000 (US$250,000 paid), completing 28,000 metres of drilling (1,850m finished) and delivering a NI 43-101 mineral resource estimate report. Daura has advanced to Phase Two drilling at Cerro Bayo and is preparing for planned drill testing at La Flora in Q3/Q4 2026 following permit submissions.