LSE-listed Imperial X and TSX-V-listed Alianza Minerals on Tuesday announced a strategic alliance to explore for copper deposits in the US, with a focus on projects in Arizona, Colorado, New Mexico and Utah.
The two companies said they intended to identify new copper exploration opportunities to acquire and advance with the intent of finding a partner to further the projects.
“Entering into this alliance will enhance our initial target evaluation and accelerate our ability to pursue opportunities throughout the region with enticing examples of mineralisation to target. These are the types of relationships that have worked well for Imperial X’s management team in past transactions and follows in line with the objectives of Imperial X,” said Imperial X president and CEO Kyler Hardy.
Under the terms of the alliance, either company could introduce projects to the strategic alliance. Projects accepted into the alliance would be held 50:50 but funding of the initial acquisition and any preliminary work programmes would be funded 40% by the introducing partner and 60% by the other party.
Alianza would be the operator of alliance projects unless the alliance steering committee determined that Imperial X would be a more suitable operator, on a case-by-case basis.
The initial term of the alliance is two years and can be extended for an additional two years.