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Canada’s Brigadier Gold (TSXV: BRG) signed a definitive agreement for an option to acquire a 100% interest in the Picachos gold-silver property in Sinaloa, Mexico.

To go ahead with the deal, Brigadier will have to provide staged consideration to the vendor over a five-year period, consisting of cash payments of $275,000, share issuances totalling 4 million common shares of Brigadier and cumulative exploration expenditures of $3.85 million.

Brigadier will also have to make payments to the vendor for Picachos development milestones, namely, 1 million common shares of Brigadier upon delineating a mineral resource estimate containing a minimum of 350,000 ounces of gold in the inferred category; $725,000 and 1 million common shares of Brigadier upon completion of a feasibility study recommending the construction of a mine; and $2 million upon commencement of commercial production. 

“Closing the Picachos acquisition marks our official entry into the Sierra Madre epithermal belt, which has seen tremendous drilling success from neighbouring exploration companies,” Ranjeet Sundher, the company’s CEO, said in a media statement. 

Picachos comprises four mining concessions covering an area of 3,954 hectares and it is located in the municipality of El Rosario, in the southeastern region of Sinaloa state. Geographically, the project overlaps part of the western foothills of the Sierra Madre Occidental.

According to Sundher, the property hosts two regional-scale precious metal-rich vein systems and a large porphyry copper prospect.