10:51 AM EST, 03/05/2024 (MT Newswires) -- Sendero Resources Corp. ( SRRCF ) earlier Tuesday said it has entered into an arm's length option agreement with Energia y Minerales - Sociedad del Estado (EMSE), the Energy and Minerals State Society of La Rioja, to boost Sendero's land position in the Vicuna District.

Under the agreement, upon satisfying certain agreed to financial commitments, Sendero and EMSE will form a joint venture, 80% owned by Sendero, to develop mineral concessions consisting of 9,177 hectares / 91.7 km2, directly adjacent to the east of Sendero's Penas Negras Project, which the company commenced drilling on in January, with initial assay results pending.

Sendero must make aggregate cash payments of US$5 million and completed work expenditures of US$10 million within four years on the combined land package of Penas Negras Project and JV claims.

EMSE shall be granted a 1% net smelter royalty (NSR) on the Penas Negras Project

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