Genesis Minerals Limited is pleased to announce that diversified Canadian miner Teck Resources Limited, through its subsidiary Teck Argentina Ltd, has delivered notice that it has elected to earn back a stake of 60 per cent in Genesis’ Las Opeñas Project in San Juan, Argentina. Following Genesis’ notification to Teck in December 2012 that Genesis had earned a 100 per cent interest to Teck’s rights and interest in the Project, Teck recently notified Genesis that it has elected to exercise its pre-emptive Back-in Right to earn a 60 per cent interest in the Project by spending $1.2 million. Teck plans to advance exploration at Las Opeñas in the coming months by targeting the large mineralised system highlighted by Genesis. Genesis discovered wide zones of gold mineralisation with associated silver, lead and zinc during its first drilling program at its Las Opeñas Project during November 2012.
The results from the November 2012 drilling program support Genesis’ belief that Las Opeñas has the potential to host a multi-million-ounce gold deposit in a large epithermal system. Genesis Managing Director Michael Fowler said Teck’s decision to earn back into the Las Opeñas Project was extremely positive and validated the Company’s belief in the Project and its geological potential. “The fact that Canada’s largest diversified mining company has elected to become operator and invest in further exploration at Las Opeñas is a huge vote of confidence in the Project,” Mr Fowler said. “The results generated by Genesis support our view that Las Opeñas has the potential to host a multi-million-ounce orebody. This belief can be further tested with the help of Teck’s immense knowledge and experience. “Teck has a track record of exploration and development success at both 100 per cent-owned and joint venture projects in South America. We are delighted that Genesis’ shareholders stand to benefit from its involvement at Las Opeñas.”