A letter of intent gives Kookaburra Gold (VSE) the right to earn a 60% interest in the San Jose copper prospect in the Atacama desert region of southern Peru.
Kookaburra can earn the interest from Pan World Minerals (USOTC) by spending US$3.1 million in the form of property payments and exploration over three years. It must also pay the equivalent of US$400,000 in common stock over two and a half years.
San Jose has the potential to host a large copper oxide deposit in a mineralized area measuring about 2.5 km by 1 km, Kookaburra says. Limited shallow drilling was performed more than 20 years ago, but the results have not been located.
An initial program of geological mapping and geophysics is planned, to be followed by reverse circulation drilling.
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