Toronto-listed Noranda can earn up to a 75% interest in the San Isidro property in Mexico from Aquiline Resources (VSE).
Aquiline estimates the property hosts between 20 and 70 million tonnes grading 0.65-1.15% leachable copper. The oxide mineralization is near the surface and overlies a porphyry sulphide deposit of indeterminate size. Noranda Exploration has carried out extensive sampling and is now conducting geophysical surveys. More detailed geological mapping and sampling are planned in an effort to spot locations for drilling.
Noranda can earn an initial 51% interest by spending US$2 million by April 1, 1996, and paying US$700,000 to Aquiline by April 1, 1997. It can earn a further 24% by spending an additional US$2 million before April 1, 1998. Aquiline is completing joint-venture agreements with Noranda on three other properties in the state of Michoacan.
Be the first to comment on "Noranda options Mexican play"