Solaris Copper’s subsidiary Solaris Copper Chile has entered into a definitive earn-in option agreement with Minera Freeport-McMoRan South America with respect to Freeport’s Tamarugo property in Chile.
Tamarugo is a grassroots copper porphyry target comprising about 5 100 ha strategically located in northern Chile.
“We are pleased to build on our existing relationship with Freeport in Chile as they advance our Ricardo property and we commence exploration at Tamarugo,” Solaris CEO Greg Smith said in a statement this week.
“Tamarugo is in a jurisdiction hosting many large-scale gold and copper mines, several of which were discovered by J David Lowell, and both he and Jorge Fiero, the company’s VP of exploration, will manage the exploration programme at Tamarugo,” he added.
Pursuant to the option agreement, Solaris Chile can earn up to a 75% interest in Tamarugo for gross expenditures of $5.5-million plus the delivery of a prefeasibility study for a mine at Tamarugo, subject to a back-in right in favour of Freeport.