Tocvan Ventures Corp. announced it has entered into a binding Letter of Intent (LOI) with a private title owner for the 100% acquisition of 2,172.7 ha immediately adjacent and north of its Pilar Gold-Silver Project Sonora, Mexico. The area includes highly prospective zones that have seen limited exploration to date, however recent placer mining suggests untested gold and silver potential.

Prior to closing a Definitive Agreement, the acquisition is subject to a 60-day due diligence period effective July 25, 2023. Total cash payments of $4 million and $2.5 million in common shares will be issued over the 5-year term of the agreement. A total minimum work commitment of $1 million is considered over the agreement.

The title owner will retain a 2% NSR on the properties acquired. After the initial 5-year term the Company can elect to extend the agreement an additional 10 years by starting advanced royalty payments or purchase full title ownership through an additional cash payment of $500,000. On Closing of a Definitive Agreement, an initial payment of $250,000 will be made.