Cost of the purchase was $14 million(US) cash, plus the granting of call options on certain portions of the land which are needed, the companies say, to secure a large strategic copper mineralization for development in the future.
A portion of the property was drilled a decade ago by a joint venture involving Getty Minerals and Hanna Mining.
The Santa Cruz venture reports the mineralization contains both oxide and sulphide copper 1,500- 3,000 ft deep which could be mined by conventional underground techniques.
An alternative mining method being considered, should the technology prove feasible, is in situ (in place) mining. The venture reports the U.S. Bureau of Mines recently began a 5-year research project on nearby lands in a effort to develop an in situ method involving the injection of weak acid into oxide deposits to dissolve the copper which would be pumped to the surface.
]]>
Be the first to comment on "Santa Cruz venture secures copper bet"