Teck to earn into Chile copper project
Canadian miner Teck Resources has been granted options to earn up to a 75% interest in a copper project in Chile that is surrounded by major copper producers BHP and Codelco.
Teck would earn into the Loreto project from Australia’s Golden Rim by spending $17-million on exploration and making staged payments totalling $600 000.
The Loreto project comprises mineral concessions that have been separated from Golden Rim’s Paguanta silver/lead/zinc/copper project and lies at the northern extension of Chile’s West Fissure – the world’s biggest concentration of major porphyry copper/molybdenum deposits.
Teck has two major copper operations in Chile, including Quebrada Blanca, which is located 120 km south of Loreta along the West Fissure.
Golden Rim MD Craig Mackay said that the company believed Loreto could well represent the last unexplored outcropping Oligocene-Eocene porphyry system in northern Chile.
“The option and joint venture agreement allows Golden Rim to leverage off Teck’s significant porphyry copper exploration and development experience. With the ability to retain an interest in Loreto, golden rim gets to share in the upside should Teck make a significant copper discovery,” said Mackay.
Loreto is 30 km north-east of BHP’s Cerro Colorado mine and 130 km north of Collahuasi and Quebrada Blanca.
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