A subsidiary of Chile-focused copper miner Antofagasta Plc. (LON:ANTO) signed an agreement with Canada’s Evrim Resources Corp. (TSX.V:EVM) to acquire a 70% interest in the latter’s Axe property, located in south-central British Columbia.
In a press release, the companies explained that Antofagasta can acquire a 70% interest in Axe by incurring $50 million in exploration expenditures, making cash payments of $800,000, and completing a National Instrument 43-101 compliant Preliminary Economic Analysis, over a ten year period.
Axe is a 50-square-kilometre land package within the Intermontane Belt in the southern portion of the Quesnellia Terrane. This gold-copper porphyry belt, which extends from the Canada/US border to north of Kamloops, hosts Newgold’s New Afton Mine, Teck’s Highland Valley Mine and Copper Mountain’s namesake mine.
The southern Quesnel trough is composed of Triassic Nicola Volcanic Belt rocks and associated Jurassic to Cretaceous intrusions.
According to Evrim, the Axe project contains four known porphyry targets (West, Adit, Mid, and South) within a 5 kilometre by 3.5 kilometre hydrothermal footprint.
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