International Mahogany (TSE) and parent North Lily Mining (NASDAQ) have formed a joint venture with the owner of the Santa Rosa copper mine in northern Chile. The Santa Rosa mine, within four kilometres of the companies’ Tunia copper deposit, is a small operation with ore grades currently exceeding 3% copper.
To earn a 51% interest, the companies must spend US$250,000 on exploration and development and deliver a feasibility study by Sept. 30, 1993. The partners estimate that the 45-hectare property contains reserves of around one million tonnes grading 1.7% copper. This acquisition brings the companies’ total reserves in the region to about seven million tonnes. A surface exploration program is under way.
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