Millrock buys Mexico copper project
JOHANNESBURG (miningweekly.com) – TSX-listed Millrock Resources has acquired Minera Teck’s Batamote copper project, in Mexico, for an undisclosed sum.
The 5 796 ha property, which was straddled by two Grupo Mexico-owned porphyry copper-molybdenum mines, was near Millrock's Rio Sonora and Los Cuarentas copper projects.
“This property acquisition gives Millrock an outstanding land position in the prolific Cananea-La Caridad belt. We have assembled this highly prospective land package at a low cost,” Millrock president and CEO Gregory Beischer commented in an update to shareholders.
The geological setting at Batamote was said to be similar to that of La Caridad.
Historical exploration of the property, which had three mining concessions, identified three main areas of mineralisation – El Choclo, Bata Sur and Arreadero.
“Highly anomalous copper values over significant widths have been identified in drilling. Of particular note is an intersection of 136 m at 0.26% copper at Bata Sur,” Beischer noted.
Millrock would issue 109 890 of its ordinary shares to Minera’s parent company Teck Resources as soon as TSX Venture Exchange approval was obtained.
Minera would retain a 0.5% net smelter royalty as consideration for a 100% interest in the property.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation