Partners Phelps Dodge (PD-N) and Corner Bay Minerals (BAY-T) have expanded the land package surrounding their jointly held Cerro Verde copper project in northwestern Mexico.
Phelps Dodge negotiated three separate deals to acquire several concessions adjacent to Cerro Verde, within the joint venture’s area of interest. The concessions, which comprise 4 sq. km, are contiguous and known to host copper and gold mineralization.
Corner Bay President Peter Mordaunt says the concessions were acquired based on the results of regional exploration carried out last fall. The newly acquired ground is believed to cover the extension and continuation, to the northeast, of the Cerro Verde copper zone.
Disseminated copper mineralization exists intermittently on surface over a strike length of 3.5 km, with widths varying between 300 and 1,000 metres.
Phelps Dodge plans to carry out a drilling program to evaluate the targets.
To earn a 60% interest in Cerro Verde and the surrounding land package, the company must spend US$1.3 million on exploration and pay US$270,000 in cash.
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