Canadian mining companies join the Brazilian copper project
Date：2018-11-15 03:54:32 Visit：1757
Lara Exploration (TSXV: LRA) and Capstone Mining Corp (TSE: CS) signed a letter of intent to grant the latter an exclusive option to earn up to 70% of Lara's Planalto copper project.
Planalto is a project in the province of Carajás in northern Brazil, covering an area of 4,726 hectares. The project is close to the Sossego copper mine in Vale and the Antas copper mine in Oz Minerals. The exploration permit covers metamorphic volcanic rock sedimentary sequences and early Proterozoic intrusive zones with iron oxide copper-gold deposits.
According to Lara, the exploration activities carried out during the past 12 months have yielded promising results from the Homestead target area, including drilling PDH 18-03 drilling between 68.05 m and 198.46 m below the hole to an average of 0.88% of the 130.41 m copper. Gold 90ppb or copper equivalent 0.93% of the ore section, the mine section is contained in a larger section of the average surface of the 284.71 meters copper starting at 0.48% and gold 48ppb.
Capstone has two copper mines operating in the US Pinto Valley and Mexico's Cozamin. The company has expressed interest in the Planalto mine project, which has promised to pay Lara $150,000 immediately and will pay $20 million after Planalto obtains a drilling permit and enforces a deterministic agreement. After that, Capstone will invest at least $1.2 million in the year following the signing of the agreement, drilling to test the metallogenic extensions found at Homestead and searching for other targets in the project area.
In order to earn 49% of the project, Vancouver-based Capstone must invest $5 million on the third anniversary of the agreement. The company then has the option of paying $400,000 to Lara for another 2% of the equity, and paying the feasibility study for the fifth anniversary of the agreement, which will increase the proportion of equity held to 61%.
Planalto is a project in the province of Carajás in northern Brazil, covering an area of 4,726 hectares. The project is close to the Sossego copper mine in Vale and the Antas copper mine in Oz Minerals. The exploration permit covers metamorphic volcanic rock sedimentary sequences and early Proterozoic intrusive zones with iron oxide copper-gold deposits.
According to Lara, the exploration activities carried out during the past 12 months have yielded promising results from the Homestead target area, including drilling PDH 18-03 drilling between 68.05 m and 198.46 m below the hole to an average of 0.88% of the 130.41 m copper. Gold 90ppb or copper equivalent 0.93% of the ore section, the mine section is contained in a larger section of the average surface of the 284.71 meters copper starting at 0.48% and gold 48ppb.
Capstone has two copper mines operating in the US Pinto Valley and Mexico's Cozamin. The company has expressed interest in the Planalto mine project, which has promised to pay Lara $150,000 immediately and will pay $20 million after Planalto obtains a drilling permit and enforces a deterministic agreement. After that, Capstone will invest at least $1.2 million in the year following the signing of the agreement, drilling to test the metallogenic extensions found at Homestead and searching for other targets in the project area.
In order to earn 49% of the project, Vancouver-based Capstone must invest $5 million on the third anniversary of the agreement. The company then has the option of paying $400,000 to Lara for another 2% of the equity, and paying the feasibility study for the fifth anniversary of the agreement, which will increase the proportion of equity held to 61%.
