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Colossus Resources acquires two copper porphyry projects in Chile

Published by , Editorial Assistant
Global Mining Review,

Colossus Resources Corp. has announced it has entered into a definitive Option Agreement dated 15 November 2023 with arm's-length parties Austral Gold Limited and its subsidiaries Minera Mena Chile Ltd. and Revelo Resources Ltd. (collectively the Austral Group) to acquire an undivided 100% interest in the Calvario and Mirador projects in the Republic of Chile.

Colossus Resources acquires two copper porphyry projects in Chile

The transaction is subject to all applicable regulatory approvals, including acceptance by the TSXV and, if required, shareholder approval.

The Calvario and Mirador properties (the "Projects") are currently 100% owned by the Austral Group which holds the rights to the exploration and exploitation concessions divided into 59 "mensuras" (exploitation mining properties) covering a total area of 14 674 ha. The Projects are located approximately 80 km northeast of the coastal city of La Serena in the 4th Region of Coquimbo of central-northern Chile in South America. The Coquimbo deep sea shipping port is situated approximately 160 km southeast of the Projects.

The exploration targets within the Projects are primarily porphyry copper (+/- Molybdenum, +/- Gold) systems. The Projects lie along the southern extensions of the highly productive Paleocene magmatic belt of northern Chile that hosts some of the most important copper and precious metals deposits in the country, such as Spence and Cerro Colorado (BHP), Sierra Gorda (KGHM) and Relincho/Nueva Reunion (Teck-Newmont Goldcorp). The Calvario and Mirador projects comprise an important strategic land position with multiple copper targets controlled by the same regional thrust faults. The Projects are located approximately 115 km south of the 50-50 Teck - Newmont Goldcorp's Relincho/Nueva Reunion Joint Venture advanced Project, one of the largest undeveloped copper-gold-molybdemum projects in the Americas.

Colossus' technical Director Ioannis (Yannis) Tsitos stated: "The successful conclusion of the Definitive Agreement for the acquisition of the Calvario and Mirador Projects in Chile signifies an important milestone for Colossus. With this acquisition, Colossus Resources secures a significant and strategic mineral rights position in one of the most prospective belts, still underexplored, of central-northern Chile associated with significant copper and precious metals mineralisation. Subject to the necessary approval of the transaction by the regulatory authorities, Colossus is looking forward to work closely with the Austral Group (which as a product of this transaction, will become the single biggest shareholder of the Company) and its experienced technical team to advance both Calvario and Mirador projects towards a major copper (± Mo ± Au) discovery. Although Calvario is a drill-stage ready exploration project based on historical data, both Projects have not seen any exploration activities in the last decade. Nevertheless, they exhibit important technical facts on the presence of large hydrothermal alteration systems, in addition to on-surface and near-surface copper mineralisation, possibly associated with untested hypogene parts of fertile porphyry systems."

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Copper mining news South American mining news