Toronto-based Millbrook Minerals Inc. announced that it has signed a landmark agreement with Cuban state mining company GeoMinera S.A. for the exclusive exploration and future development of mineral resources located within the 317 km2 Los Pasos project area.
Approved by the Executive Committee of the Council of Ministers of the Republic of Cuba, the International Economic Association (IEA) Contract is intended to lead through a series of milestones to a final feasibility study. On confirmation of the commercial viability of the deposits, a joint venture (JV) between Millbrook Minerals and GeoMinera S.A. will be negotiated and established for the production and marketing of metals.
The Los Pasos project is a highly prospective brownfield polymetallic VMS belt that correlates with similar Cretaceous volcanic arc rocks in the Dominican Republic, which host the Pueblo Viejo, Cerro de Maimón and other large gold and silver enriched VMS deposits. Three past producing mines are located in the Los Pasos project area as are multiple clusters of under-explored targets.
“This is the first such agreement of its kind reached in Cuba in the non-nickel mineral resource development space. Millbrook is proud to be working in close collaboration with GeoMinera to build a pipeline of new opportunities in Cuban mining that can take their place alongside other existing JV mining operations,” stated Mark Entwistle, Chairman of Millbrook Minerals Inc. “We believe that Los Pasos looks very similar in scale and mine potential to the Abitibi belt in Canada from Val D’Or to Noranda. The future of metals and mining in Cuba is exciting.”
“The development of the mining sector is a national economic priority for Cuba and the Los Pasos project is a key part of that strategy,” said Gustavo Puentes Pereda, Director General of GeoMinera S.A. “Our geologists know the project well and we hope that the work ahead yields the very positive results that we anticipate.”
Read the article online at: https://www.globalminingreview.com/exploration-development/01052018/millbrook-minerals-signs-exploration-and-development-agreement/