Some 27,000 metres of reverse-circulation drilling will be carried out at the Chimborazo copper property in northern Chile.
The project is a joint venture between Agate Bay Resources (ABE-V), which, as operator, has a 60% interest, and Inmet Mining (IMN-T) with 40%. The vendor is Cyprus Amax Minerals (CYM-N).
The partners are reviewing options regarding surface and mineral rights to adjoining ground. Their objective is to increase indicated minable reserves at Chimborazo to beyond 263 million tonnes grading 0.6% copper.
Situated near the Escondida and Zaldivar copper mines in the Atacama Desert, Chimborazo is a large supergene copper deposit amenable to open-pit mining and bioleaching. The property is near the port city of Antofagasta.
Meanwhile, Agate Bay has withdrawn from a joint-venture agreement with Demand Gold (DOT-V) for two nearby properties. As a result, all of Agate Bay’s interests in the Pachina and Cerro Cobre projects pass to Demand Gold, giving that company a 100% interest in both.
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