PERTH (miningweekly.com) – ASX-listed explorer AusQuest on Tuesday announced that it had secured three separate copper/gold joint venture (JV) agreements in Peru worth A$34-million.
The company said it had inked two JV agreements covering three of its porphyry copper/gold targets in southern Peru, while also finalising the terms for a third agreement.
AusQuest noted that the new JV agreements gave the company free-carried exposure to one of the more significant copper exploration programmes being undertaken in Latin America, while simultaneously securing a strong partnership with major companies in the region with the financial and technical expertise to advance any discovery through to development and production.
MD Graeme Drew said the JV agreements with Southern Copper and Zahena represented a potential game changing development for the company.
“We went into Peru with a long-term view and, after more than three years of patient, hard work to establish and identify a series of quality copper/gold targets in the covered regions of southern Peru, we are now delighted to have secured JV agreements with two of the Peruvian copper industry’s key players, who will be drilling our large-scale porphyry copper/gold targets for the very first time.”
The projects under the JVs have been permitted, and the first stage drilling for all prospects is due for completion within the next 12 to 18 months, with the Lana target expected to be drilled first.
“We believe these targets are capable of delivering discoveries of major significance for our company,” Drew added.