An option agreement has been signed by Adonos Resources (VSE) with a Chilean company whereby Adonos may earn a 50% interest in a rutile-gold-copper property in the northern part of the South American country. Adonos, a subsidiary of Black Cliff Mines (TSE), may earn its interest by spending $US450,000 during the next 27 months. The company may earn a further 5% interest by making a cash payment of US$250,000.
The property is described as hosting rutile-bearing pegmatite dykes, copper-bearing breccia pipes and gold and silver values. Some pitting, trenching and surface sampling has been undertaken by the current owner, Point Enterprise Limitada of Santiago.
Rutile is a titanium dioxide material, and is currently selling, in concentrate form, for about $800 per tonne. The main application today for titanium is in pigment production.
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