Inception Mining Inc. is pleased to announce that it has entered into a Joint Venture Agreement with Corpus Mining and Exploration Ltd., a company domiciled in Turks and Caicos. The Joint Venture will result in the formation of a new company, Corpus Gold LLC.
Corpus Mining will provide up to $1,000,000 in funding to Corpus Gold to fund exploration on the mineral concessions granted by the government of Honduras to Compania Minera Cerros del Sur, S.A. de C.V., Inception’s wholly-owned subsidiary with properties in the El Corpus District of the Choluteca Department of Honduras. As part of the Joint Venture Agreement, Inception will direct and supervise all exploration, drilling and evaluation initiatives on the Concession.
A six-month exploration program will commence immediately, the purpose of which will be to generate new exploration targets for drill testing, as well as development of existing prospects which include several historic Spanish workings on the Concession.
The program will include rock chip and soil sampling, trenching, microprobe analysis, drone/X-CAM surveys, Induced Polarization Resistivity surveys and geologic mapping and prospecting. Targets will be prioritized and top ranked targets will be advanced to drill-ready-status by early 2018. The 2018 drilling program will primarily be focused on testing these high priority targets. A more detailed overview of the 2017-2018 exploration program will be provided in future press releases.
The proceeds from commercialization of the Concession will be divided such that Inception will retain twenty percent (20%) of all future revenues generated.