PERTH (miningweekly.com) – Copper/gold miner Oz Minerals has entered into a new exploration agreement in Southern Mexico, targeting three newly identified base metal prospects.
“The sites we are targeting have potential for shallow, high value per tonne, volcanic-hosted massive sulphide (VHMS) deposits. VHMS deposits are significant contributors to the global production of copper, zinc, lead and silver,” Oz Minerals MD Andrew Cole said on Wednesday.
Under the terms of the agreement with Canadian firm Acapulco Gold, Oz Minerals can earn up to a 78% stake in the three properties by spending $6.8-million over a six-year period.
Cole said that the company would make a first year, in-ground expenditure of $450 000 on detailed geological mapping, geochemistry and geophysics, with exploration to start immediately, and drilling to start by the second half of 2017.
The capital expenditure will fall within the company’s A$10-million to A$15-million exploration expenditure set aside for 2017.
Over the last 18 months, the company has put in place eight separate exploration earn-in agreements providing Oz Minerals with exploration expertise in specific geologies and locations.
Edited by: Creamer Media Reporter
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