Calgary-based TVI Copper (ASE) and Manila-based Atlas Mining & Development have tentatively agreed to explore and develop a gold-copper prospect in the Philippines.
TVI will earn a half interest in the Diwata project, on the southern island of Mindanao.
Sampling and assaying on the 6,757-hectare concession uncovered a northeast-trending, mineralized and altered zone measuring 2 km wide and 8 km long. The company is looking for epithermal mineralization in the north portion of the property and porphyry copper in the south.
To earn its interest, TVI must spend up to $350,000 on exploraation. It will also provide $250,000, to be credited toward the second year’s expenses. Meanwhile, TVI has entered option agreements for two other Philippine gold and copper properties.
The company has closed an agreement to acquire the 1,695-hectare Canatuan property, also in Mindanao, and has filed for an additional 34 claims in the vicinity. To confirm outlined reserves, it plans to spend $1 million. It also intends to acquire the 171-hectare Cadaka property, north of Manila. The Caram and Cadaka zones will be explored for gold and copper, respectively. In return, the company must spend $500,000 annually over two years.
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