Coronado has agreed to spend an initial $500,000 on the past- producing property, followed by a further $3 million in stages. That expenditure will earn Coronado an 80% interest in the Iron King claims. The company said it is seeking private placements to finance the exploration programs.
Between 1906 and 1968, the former Iron King mine produced six million tons of base metal ore containing copper, lead, zinc, silver and gold. The orebodies consisted of banded, massive sulphide lenses hosted by Precambrian-age felsic to intermediate volcanic rocks.
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