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.