Kennecott will option the Ophir property of Tucson-based Silver Eagle Resources (VSE).
Situated in Utah’s Oquirrh mountains, the property contains silver-lead-zinc deposits and covers 1,361 acres of patented claims.
The option period is set at five years, during which time Kennecott must make yearly payments of US$50,000. The purchase price, after two years, is US$3 million and escalates to US$4.5 million at the end of five years.
A summer drill program will test for copper and gold mineralization.
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