Mirasol takes option on Newmont’s Inca project
Project generator Mirasol Resources has signed an option agreement with subsidiaries of global major Newmont to acquire the Inca gold project, in northern Chile.
The agreement will add to Mirasol’s portfolio a district-scale and underexplored, intermediate sulphidation epithermal project.
“This is an attractive transaction allowing Mirasol to acquire Inca Gold by exploring and drilling the property. If our exploration demonstrates the potential for a Newmont size target, the agreement will allow them to earn back 70% of the project by reimbursing our costs and investing in significant additional exploration expenditures,” said president and CEO Norm Pitcher.
Mirasol noted that the project hosted multiple attractive targets that had never been drill tested, and said it fitted well with the company's strategy to fund drilling on high quality prospects with favourable infrastructure.
Mirasol was granted the option over five years to earn-in 100% of the project, subject to a 1.5% net smelter royalty by drilling 1 000 m on the project over two years; and incurring $3-million in exploration expenditures over five years.
The 14 000 ha Inca project is located in Region III of Chile, about 100 km north of Copiapo and 17 km east of the town of Inca de Oro.
Newmont's exploration work to date has been limited to surface and prospecting activities, which have identified five target areas, none of which have been drill tested.
The project is within the Inca De Oro mining district, which hosts Santiago Metals' San Pedro de Cachiyuyo copper/gold tourmaline breccia deposit and PanAust/Codelco's Inca de Oro copper/molybdenum/gold porphyry deposit.
Comments
Research Reports
Projects
Latest News
Showroom
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
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
