Westmin Resources (WMI-T) is acquiring the right to earn a 51% interest in the Vizcachitas copper porphyry project in central Chile from Denver-based General Minerals (GNM-T).
Westmin will be required to pay US$10 million to General Minerals, as well as US$2.9 million in property charges. It must also spend at least US$7.5 million advancing the project through completion of a bankable feasibility study within five years.
General Minerals has identified a large copper porphyry deposit, with near-surface, high-grade, chalcocite-bearing, secondary copper-enrichment grading in excess of 1% copper over lengths of 20 to 60 metres.
Since acquiring the property in late 1995, General Minerals has completed 30 widely spaced drill holes. The porphyry system extends over an area measuring 1,400 metres in a north-south direction and 800 metres east-west.
Vizcachitas is estimated to contain 310 million tonnes grading 0.52% copper and 0.013% molybdenum, including a near-surface enriched zone of 24 million tonnes grading 1.01% copper and 0.009% moly.
Vizcachitas is 120 km northeast of Santiago and is accessible by a 3-hour drive along paved and gravel roads. The property lies at a relatively low elevation of 2,000 metres above sea level, 43 km from the town of Putaendo.
Plans call for 8,000 to 10,000 metres of diamond drilling, the objective of which will be to expand the copper resource, in particular the near-surface, higher-grade secondary enrichment.
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