Major eyes MacMillan copper prospect in Peru

Rio Tinto Mining & Exploration has set its sights on a copper-porphyry project held by Toronto-based MacMillan Gold (MMG-T) in the northern Ancash department of Peru.

The major can earn a 51% interest in the Minas Santa Rosa project from MacMillan by spending US$4.5 million on exploration over four years. Rio Tinto also must pay the junior US$500,000 cash in stages over the earn-in period. At least US$600,000 will be spent in the first year.

MacMillan and Rio Tinto’s “strategic alliance” was formed to investigate alteration and base metal mineralization on the 1,500-ha project, which

consists of three separate concessions. The exploration targets are porphyry-copper deposits related to Tertiary intrusives. One of the concessions is reported to have copper mineralization with a surface expression that measures 900 by 700 metres.

Rio Tinto operates the work program, which is scheduled to begin once clear title to the concessions has been verified.

Print

Be the first to comment on "Major eyes MacMillan copper prospect in Peru"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close