Nora buys ground in Chile

Nora Exploration (NXI-M) has acquired four claims prospective for gold-copper mineralization in northern Chile.

In return, Nora will pay US$85,000 in cash and issue 25,000 shares to the private vendor.

The claims, which comprise a total area of 1,700 ha, are in the heart of the Maricunga belt, already the home of the Refugio gold mine of Bema Gold and Amax Gold, as well as Anglo American’s Santa-Cecilia deposit.

The geological environment hosts several significant visible alterations longer than 1 km, Nora reports. These alterations are said to show a strong presence of sulphides associated with silica, pyrite and chalcopyrite.

Originally, Nora had intended to acquire 8,700 ha in the area, but low gold prices induced the company to scale down its plans. Orex Exploration (OX-M) can acquire a 75% interest in Nora’s claims in return for $25,000 in cash and various share transactions.