Vancouver — A newly completed airborne geophysical survey has diversified miners Teck (TEK-T) and Inco (N-T) exploring a new target area on Brasilca Mining’s (BSL-V) Tucuma iron oxide-copper-gold property in north-central Brazil.
The project is located in the prolific Carajas mineral province.
The combined magnetic-electromagnetic survey identified several new target areas outside of the 512 zone, where previous drilling by Brasilca cut 16 metres grading 1.3% copper and 7.1 grams silver per tonne.
The majors are collecting surface samples. They are also establishing grid over the targets in anticipation of a drill program which is slated to start in August.
Acting as equal partners, Teck and Inco 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. They can then boost their interest to 75% by making cash payments totalling US$6 million and completing a bankable feasibility study.
The partners have also agreed to purchase 500,000 Brasilca units priced at 30 each. A unit consists of one share and one warrant. A warrant is exercisable at 40 for a one-year period. Teck is running the field activities for the project.
The 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.
A recent drill program by Brasilca targeted a combination of magnetic geophysical anomalies and soil geochemical anomalies, as well as hydrothermal alteration.
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