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Almaden Minerals Ltd. (AAU) has announced a District Court ruling in Puebla, Mexico, that favors the Ministry of Economy’s (Economia) decision to deny mineral title applications dating back to 2002 and 2008. This ruling impacts the Ixtaca deposit, discovered in 2010, as these titles were previously confirmed in 2003 and 2009. Following a Supreme Court decision in 2022, the mineral titles reverted to application status. Almaden plans to appeal this ruling while maintaining that its mineral title applications remain valid during the appeals process. The Chair of Almaden, Duane Poliquin, expressed alarm at the ruling, insisting on supporting indigenous consultations outlined by the Supreme Court.
The Ixtaca deposit holds a proven and probable reserve of 1.38 million ounces of gold and 85.1 million ounces of silver.
Almaden Minerals Ltd. (NYSE American: AAU) announced that Mexico's Ministry of Economy has submitted to a Puebla court to deny the mineral title applications submitted by the company in 2002 and 2008, which are crucial for the Ixtaca project. These applications reverted to application status due to a Supreme Court ruling in early 2022 mandating indigenous consultations. Almaden plans to challenge this submission legally, asserting that the actions are inconsistent with Mexican mining law. The Ixtaca deposit contains significant reserves, estimated at 1.38 million ounces of gold and 85.1 million ounces of silver.