Vancouver — Diversified miners Teck (TEK-T) and Inco (N-T) have joined forces to explore Brasilca Mining‘s (BSL-V) Tucuma iron oxide-copper-gold property in north-central Brazil.
Acting as equal partners, the majors can earn a 51% stake in the promising property by spending US$3.5 million and making cash payments totalling US$500,000 over a three-year period. The partners can then boost their interest to 75% by making cash payments totalling US$6 million and completing a bankable feasibility study.
Teck and Inco have agreed to purchase 500,000 Brasilca units for 30 each. A unit comprises one share and one warrant which is exercisable at 40 for a one-year period. Teck will run the field activities for the project.
The newly formed partnership has its eyes on “Olympic Dam-type” deposits. The gigantic Australian mine hosts combined reserves and resources of 2.3 billion tonnes grading 1.3% copper, 0.5 gram gold and 2.9 grams silver per tonne.
The project is located in the prolific Carajas mineral province.
A recent drill program by Brasilca targeted a combination of magnetic geophysical anomalies and soil geochemical anomalies, as well as hydrothermal alteration. The best results to date came from the 512 zone, where a hole returned 1.3% copper and 7.1 grams gold per tonne over 16 metres. The assay results from the final hole are still pending.
Be the first to comment on "Teck and Inco team up in Brazil"