Vancouver — Armed with a newly completed airborne geophysical data, diversified miners Teck-Cominco (TEK-T) and Inco (N-T) have launched a drill program over Brasilca Mining’s (BSL-V) Tucuma iron oxide-copper-gold property in north-central Brazil.
The program will initially focus on the 512 zone, where previous drilling by Brasilca cut 16 metres grading 1.3% copper and 7.1 grams silver per tonne.
Acting as equal partners, Teck and Inco can earn a 51% stake in the promising property by spending US$3.5 million and making cash payments totalling US$500,000 over a three-year period. The partners can then boost their interest to 75% by making cash payments totalling US$6 million and completing a bankable feasibility study. Teck and Inco have also agreed to purchase 500,000 units in Brasilca priced at 30 each. A unit comprises one share and one warrant, which is exercisable at 40 for a one-year period. Teck is running the field activities for the project.
The partnership has its eyes on “Olympic Dam-type” deposits. The gigantic Australian mine hosts combined reserves and resources of 2.3 billion tonnes grading 1.3% copper, 0.5 grams gold and 2.9 grams silver per tonne.
Located in the prolific Carajas mineral province, Brasilca previously drill tested a combination of magnetic geophysical anomalies and soil geochemical anomalies, as well as hydrothermal alteration.
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