Australian-listed Newcrest Resources has signed a joint-venture agreement with Queenstake Resources (QTR-T) for 12 properties in central Peru.
The 19,600-ha land package, wholly owned by Queenstake, is in the Huancavelica area, 200 km southeast of Lima in the Andes.
Queenstake identified alteration anomalies indicative of bulk base or precious metals mineralization through processing of LANDSAT (satellite) images, and ground reconnaissance programs have confirmed the existence of clay and iron oxide alteration.
Moreover, the company says mapping and sampling on several properties indicate “substantial” mineralized zones.
The Carisla prospect, the most advanced of 12, has altered zones with precious metals anomalies. Drill targets have been selected.
Melbourne-based Newcrest has been seeking mineral properties in Latin America, and may earn a 51% interest in each of the 12 properties by completing the ranked earn-in expenditure relevant to each property. The company may return any property after the first year, or prior to completing its earn-in expenditure after the first year, but will retain no interest.
To earn a 51% interest in all 12 properties, Newcrest would have to spend a total of US$22.2 million. The company has committed to spend US$530,000 in the first year.
Queenstake also has prospects in Peru, Chile, northern Mexico and Venezuela.
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