Dark Horse Resources Ltd (DHR) announced that it has renegotiated the next vendor payment due to Tres Cerros Exploraciones SRL (Tres Cerros) in June 2020, and has also amended the expenditure investment commitments, principally as a result of the travel and logistical COVID‐19 related restrictions impacting the Company’s operational capacity in Argentina.
A new expenditure investment commitment for the period between June 2020 and May 2021 of 2,000 metres of diamond drilling, replacing the original US$400,000 and the shortfall in investment by DHR during the June 2019 to May 2020 period. Dark Horse will earn 35% ownership of the project at this milestone. A minimum drilling amount of 1,700m has been included with a penalty payable by DHR should the Company complete between 1,700m and 2,000m. Tres Cerros has the right to terminate the Agreement should DHR drill less than 1,700m.
A COVID19 Force Majuere clause has been introduced for the period June 2020 to May 2021. Dark Horse is pleased with this outcome as drilling is the next logical phase of work to advance the Cachi Gold Project (located in Santa Cruz province) into the discovery phase followed by drilling to facilitate the definition of a JORC resource.