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Diatreme agrees farm-out on Clermont Copper/Gold Project

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Global Mining Review,

Silica sands developer and explorer, Diatreme Resources Ltd has announced a binding Memorandum of Understanding (MOU) with Metallica Minerals Ltd for the company’s Clermont Copper/Gold Project (EPM 17968).

The agreement is subject to Metallica undertaking and being satisfied in its sole discretion with its due diligence concerning the project (30 day period with provisions for extension).

Situated near Clermont, Central Queensland, the Clermont project (EPM 17968) is prospective for porphyry and stratabound bulk tonnage copper/gold deposits along with mesothermal gold deposits. The project area covers numerous prospects, including the Rosevale Project and the historic Peak Downs copper mine.

Welcoming the agreement, Diatreme’s CEO Neil McIntyre said:

“Clermont is a highly prospective project that has potential for the discovery of copper and gold deposits, having hosted historic copper mines.

“Metallica has considerable in-house expertise in large scale, porphyry style deposits and will ensure we maximise the value of this non-core project for the benefit of our shareholders, while allowing us to focus on developing our flagship Galalar Silica Project.”

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This article has been tagged under the following:

Australian mining news Copper mining news Gold mining news