Canadian-listed Rio2 Limited has secured US$25 million (A$39.5m) in gold stream funding from its United States-based finance partner, premier precious metals investment company Wheaton Precious Metals International, to help advance Rio2’s flagship Fenix gold project in Chile’s Maricunga gold belt.
The prepayment marks the second instalment under the precious metals purchase agreement tied to Rio2’s Fenix project and the company sees it as a significant vote of confidence in its development.
Rio says the payment is also an endorsement of its determination to bring the gold mine into production by the end of the year.
Fenix is in Chile’s Atacama region and is one of the largest undeveloped gold oxide heap leach projects in the Americas. The deposit contains 389 million tonnes of measured and indicated material grading 0.38 grams per tonne for a huge total of 4.8 million ounces of gold.
Unlike most other…
