Chilean Metals, a
Toronto-based minerals exploration company, has announced the completion of its
acquisition of 724 hectares (1,789 acres) from Compañia Mining Casale, a
company jointly owned by Chilean subsidiaries of Barrick Gold Corporation and
Kinross Gold Corporation, respectively. The acquisition, which includes nine
mining concessions in the Zulema region of Northern Chile, was completed for the
sum of $50,000.
In addition, Chilean
Metals, on February 2, 2015, also announced the signing of a binding letter of
intent pertaining to additional mining concessions in the same area, which
total 600 hectares (1,483 acres). Under the terms of this agreement, the
company will pay two private Chilean individuals $50,000 cash and issue 600,000
shares upon closing, which is tentatively scheduled to occur later this month.
Chilean Metals CEO Terry
Lynch commented on the acquisition: “CMX’s experienced geological team had
identified Zulema as a high potential exploration asset. After two years and
considerable human and financial capital, Chilean Metals is very pleased to
announce its assembly of 4,300 hectares (10,626 acres) on its Zulema property
in Chile’s Third Region.” All acquisitions in the region are held 100 percent
by the Chilean subsidiary of Chilean Metals, with no third party royalty or net
profit interest agreements.
The area’s geological
environment is very similar to the nearby Cu-Au Candelaria mine, which is
located only 30 kilometers away, and the company is hoping for similar
production from its newly acquired mining concessions. Candelaria produced
158,000 tonnes of copper and 88,000 ounces of gold last year, and an 80 percent
interest in the mine was recently sold for $1.8 billion.
The Zulema property is
very well located in terms of both mining infrastructure and climate
conditions. Access to roads, as well as a central location between the mining
center of Copiapo and the Pan American Highway, makes the property ideal to
explore and develop from a cost prospective, according to Lynch. Because of its
relatively low elevation, the company expects to be able to conduct exploration
work at the property year-round.
Chilean Metals plans to
begin work at its newly acquired property later this year by conducting limited
additional geophysical surveys to define and refine drilling targets.
First-phase drilling programs are scheduled to begin in late Q2 or early Q3,
subject to financing.
As the owner of five
properties comprising over 50,000 acres strategically located in the prolific
IOCG (“Iron oxide-copper-gold”) belt of northern Chile, Chilean Metals is
predicting big returns on its recent acquisitions. “With drilling costs at
bargain prices, we feel that now is the time to push forward on Zulema,” Lynch
continued, “We think 2015 is going to be an exciting year at Chilean.”
For additional
information, visit www.ChileanMetals.com
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
No comments:
Post a Comment