Breckenridge Resources (VSE) has optioned the Eldorado mineral concession in Malaga province, Spain, from Harlequin Resources. The 2-year deal allows Breckenridge to earn 100% interest in the property subject to a 7.5% net profits interest (NPI) royalty.
In each year of the 2-year deal, Breckenridge must issue Harlequin 100,000 shares and incur exploration expenditures of US$200,000.
The 60-sq.-km Eldorado concession is four kilometres from the Mediterranean coast in the Mijas and Alhaurin El Grande districts of Malaga province. The property contains several known lead-zinc occurrences, many with underground workings. The company says that the mineralization is similar to that found at the Pine Point mine in the Northwest Territories. Recent geological and geophysical surveys have outlined several new target areas on the property. The agreement is subject to completion of title, due diligence and regulatory approval.
Be the first to comment on "NEWS ROUNDUP — Breckenridge options Spanish ground"