AM Resources owns 60% of the Rio Negro asphaltite property, which covers 97.5 hectares. The property lies 50 km north-northwest of the city of Bucaramanga.
The Rio Negro property area is well known for its asphaltite occurrences. Limited production took place on the property before a landslide and tunnel collapse put an end to an illegal operation (before AM Resources acquired the property title). Production at La Tigra, Rio Negro’s neighbour, is estimated at about 3,000 metric tons per month.
In the coming months, AM plans to conduct a ground geophysics survey, find the best access point to mine the mineral and start production, with an initial goal of 1,000 metric tons per month.