In Arizona, BHP Minerals International Exploration has optioned 13 state mining leases and four federal claims from MVP Capital (TSE) and Excellon Resources (VSE).
The property, in the Robber’s Roost area near Tombstone, was drilled in the early 1970s by another company. Upon examination of the drill core, Excellon concluded there is potential for a copper porphyry system.
A geological consultant for the company says the system could contain an open-pit, heap-leachable deposit of chalcocite, 150 ft. below the surface. There is also potential for high-grade copper mineralization within skarn-type deposits around the porphyry intrusive.
It is estimated the deposit could be 100 ft. thick.
BHP can earn a 60% interest by spending US$3.4 million on exploration over six years. In addition, US$225,000 must be paid to MVP-Excellon over five years. If it completes a feasibility study, BHP would increase its stake to 70%. The company will start its initial program before the new year. MVP and Excellon own or lease five additional, non-
contiguous properties near Tombstone. They plan either to drill or joint-venture these to interested parties.
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