Junior Corner Bay Minerals (TSE) can acquire two concessions in the famed San Francisco del Oro-Santa Barbara mining district in Mexico.
The area totals 369 hectares and is near Parral, in the state of Chihuahua. The terms of the deal call for the vendors to receive cash payments totaling US$30,000. The vendors would retain a net smelter royalty (NSR), declining to 2% by the third year from 3% in the first. The NSR would then be fixed at 2% thereafter.
Previous work in the area outlined a large copper-bearing system. Initial tests conducted on the acid solubility of the mineralization indicate it is a good metallurgical target for a heap-leach copper deposit.
The company plans to complete geological mapping, sampling, drilling and preliminary metallurgical tests.
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