TORONTO (miningweekly.com) – Canadian explorer Altair Gold has signed a binding letter of intent with a third party to acquire Epic Mining, which owns 99% of Panamericana, the 100% holder of the rights, title and interest in the 900 ha Lejin mineral property, in southern Peru.
Altair advised that 700 ha of the Leijin property was surrounded on three sides by HudBay Minerals’ Constancia mine, in which C$1.7-billion had been invested, with commercial production achieved in April 2015. The Constancia mine was an openpit operation with a 22-year life, mainly extracting copper with molybdenum and silver by-product credits.
According to Altair, limited sampling conducted on the Leijin property had detected traces of alteration suggesting the potential for copper mineralisation. On closing of the acquisition, the company would consider an exploration programme to test targets on the properties.
To secure the property, Altair would issue 500 000 common shares and pay C$60 125 after securing regulatory approvals.