A private Ontario company has made a deal to earn 45% of Southern Arizona Mining & Smelting’s (CDN) interest in the Magondi polymetallic property in Zimbabwe. Southern Arizona is earning a 75% interest in the project from Reunion Mining Zimbabwe.
The private company must spend $150,000 on ground geophysical surveys and $150,000 on follow-up drilling.
The property overlies a 400-sq.-km areomagnetic anomaly, discovery of which was funded by the Canadian International Development Agency. The anomaly, believed to be an ultramafic intrusive complex, has the potential to host nickel, copper and precious metal mineralization, the company reports. It lies 1,000-2,000 metres below surface.
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