Based on a recent letter of intent, Kalahari Resources (VSE) and a unit of Kennecott plan to form a joint venture to explore the La Parranda group of mining concessions in the state of Chihuahua, Mexico.
Once a formal agreement is executed, Kennecott will be allowed to operate and earn a 51% interest in the manto project. Other provisions in the agreement allow the major to earn additional interests.
Kennecott agreed to spend US$200,000 on exploration by the end of March, 1992, which includes a 5,000-ft. drill program, and a further US$300,000 by April, 1993.
The exploration target is a gold-silver-copper-lead-zinc mineralized system.
Be the first to comment on "Kennecott in Mexican venture"