In return for the Bornite project, Plexus assigned Cyprus its leasehold rights to develop the Lyon copper deposit in Nevada. Cyprus also retains 2% of all proceeds from production at the Bornite project after deducting transportation, storage, smelting and refining charges.
“We intend to expedite work necessary for development of the deposit,” said President Arthur Ditto of Plexus, adding that a drill program has been already scheduled.
About 40% of the mineralization in the deposit is bornite, which Plexus said indicates the ability to produce a high grade concentrate.
“Mineralogy also suggests excellent recovery for copper, gold and silver,” Ditto noted.
The Bornite deposit is described as a near-circular breccia pipe from surface to a depth of 800 ft.
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