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.
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