Precious metals company Rio Silver has secured a foothold in one of Peru’s most prolific mining regions with the acquisition of the Minas Maria Norte project, a high-grade polymetallic silver property in the Huachocolpa mining district. The Vancouver-based junior miner signed a definitive agreement to purchase the asset from Peruvian Metals, pending regulatory approval.

The 368-ha Maria Norte property is adjacent to major silver production sites, with nearby miners planning significant expansions. The site hosts polymetallic veins containing silver, gold, zinc, and lead, with historical artisanal mining evidence. Rio Silver’s geologists have mapped five gold-bearing structures stretching up to 400 m in length and four meters in width, indicating further exploration potential.

Maria Norte is strategically positioned near existing infrastructure and mineral processing plants. SilverX Mining’s Nueva Recuperada project, which includes the Tangana mining unit, is just 2.5 km away, while flotation plants operated by SilverX and Compañia Minera Kolpa process ore at a combined capacity exceeding 2 000 t/d.

Exploration results highlight Maria Norte’s high-grade potential. At the Castorindo zone, five samples returned gold grades between 13.5 g/t and 40.3 g/t and silver grades of up to 1 128 g/t. The Jess structure yielded silver values reaching 1 848 g/t, while other sampled veins contained up to 9.7% lead and 4.3% zinc.

Under the agreement, Rio Silver will acquire Peruvian Metals’ local subsidiary holding the concessions. The deal includes a C$15 000 cash payment, 15-million Rio Silver shares, and five-million warrants exercisable at C$0.05 a share over two years. Further cash payments totalling C$250 000 will be made over five years. Peruvian Metals will retain a 1.5% net smelter royalty.

“We are very excited for the potential of Maria Norte to drive shareholder value,” said Rio Silver CEO Chris Verrico. “This acquisition enables the company to re-direct its focus to the pursuit of near-term cash flow potential and the prospect of significant organic growth.”