Nobel Resources Corporation has completed a transaction to acquire four copper projects in Chile from Austral Exploraciones.
Nobel has the option to acquire 100% of each of the projects – Cuprita, Janett, Pampa Austral and Anais – after issuing 2.5-million common shares in the company to the shareholders of Austral Exploraciones and paying $70 000 in cash to the optionors of the projects.
Nobel has also issued 2% net smelter royalty options in respect of the various projects.
To maintain each of the options in good standing and acquire a 100% interest in each of the projects, Nobel must pay amounts of between $20 000 and $1-million after 12, 24, 36 and 48 months from signing the option agreement for each project, respectively.
The Cuprita project is the most advanced among the four and is now Nobel’s main focus. The site is highly prospective for copper, with multiple near-surface targets having been identified during recent rock sampling campaigns.
Cuprita is located in the renowned Chilean Paleocene Porphyry Copper Belt that hosts several major copper deposits.
The Janett and Pampa Austral sites also have abundant copper oxide mineralisation at surface and multiple small-scale artisanal operations – past and present. Historical results at Pampa Austral have returned 70 m of copper grading 0.7%.
The Janett and Anais sites have had little exploration work done despite the multiple past-producing copper mines in the surrounds.