Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed junior Voyager Resources would propose a name change to its shareholders, after acquiring the Salobo South copper project, in Brazil, and switching its focus to copper.
The previously Mongolia-focused explorer on Wednesday said that in line with its focus on copper assets in the Carajas province of Brazil, the company was now proposing to amend its name to the Carajas Copper Company.
Voyager also told shareholders that it had spent $285 000, and would issue up to 600-million shares to acquire the Salobo South copper project.
The project covers 3 066 ha and is located in close proximity to mining giant Vale’s Salobo copper mine, which recently started production. Vale’s project was estimated to contain about 1.1-billion tonnes of proven and probable reserve, with an average grade of 0.69% copper and 0.43 g/t gold.
Besides the newly acquired Solobo South project, Voyager also has an interest in 22 other projects within the Carajas province, covering about 1 172 km2, making the company one of the largest land-holders in the region, along with Vale, Codelco and Avanco Resources.
Voyager said that it was planning an extensive detailed portfolio database review in order to select further potential targets for geochemistry and drill testing. This work was expected to start this quarter.