Operator Phelps Dodge (PD-N) is drilling the Las Vigas copper property in Mexico’s Chihuahua state in order to earn a 55% interest from Corner Bay Minerals (BAY-T).
The major can earn the interest by spending US$1 million and making staged payments to Corner Bay totalling US$185,000 over four years.
The property hosts a “red-bed” sedimentary environment that is known to host copper minerals over a large area. Corner Bay says the land package is prospective for an oxide copper deposit amenable to heap-leaching and solvent extraction-electrowinning for the production of cathode copper. Phelps Dodge’s program is aimed at testing the oxide and sulphide potential of the property.
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