PERTH (miningweekly.com) – Diversified miner South32 has committed to a third copper/gold project in Peru with fellow-listed AusQuest.
The two companies in February this year struck a strategic alliance agreement under which AusQuest would generate and secure prospective early-stage exploration opportunities, which would then be offered to South32 over a three-year timeframe.
South32 had originally tipped five of AusQuest projects, two in Peru and three in Australia, as being of interest, with four of the projects accepted by South32 as exploration opportunities and the fifth as a drill-ready opportunity.
AusQuest said on Thursday that its Cerro de Fierro iron-oxide/copper/gold project, in Peru, has now been accepted as a new exploration opportunity, taking the total number of the projects under the strategic alliance to six.
South32 will fund drill target definition work at Cerro de Fierro, with work expected to start in July or August this year.