U.S.-based mineral mining company Graystone Co. Inc. said Monday it acquired a 1,977-acre concession in Peru, expanding an existing prospect.

The concession, known as Graystone II, is adjacent to the company's current mining property, Gorilla, and boosts Graystone's total portfolio of properties to 2,965 acres.

The company has done preliminary testing on approximately 10 percent to 15 percent of Graystone II, and initial results indicate as much as 20,000 ounces of gold.

The company, which holds a 100 percent stake in both Gorilla and Graystone II, will conduct a feasibility study to gauge how much of the newly acquired concession is economically minable.