By moving to acquire the Champion property in New Mexico, Summo Minerals (VSE) hopes to gain a third copper oxide project.
The project, situated in Taos Cty., contains a copper oxide resource estimated at 18 million tons grading 0.4% copper. The resource, as defined by 100 drill holes, is amenable to open-pit mining at a stripping ratio estimated at 1-to-1. It remains open to expansion.
Copper mineralization occurs as malachite and chrysocolla. Preliminary test work indicates the material is highly amenable to solvent extraction, with 98% of the copper soluble in sulphuric acid.
Summo can acquire the property by paying US$1 million, in addition to a royalty and a finder’s fee.
The company is reviewing historical data before beginning a drill program to upgrade and expand the resource.
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