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Golden Rim and Teck sign option agreement for porphyry copper project

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Global Mining Review,

Golden Rim Resources Ltd has executed an option and joint venture agreement with Teck Resources Chile Limitada, a subsidiary of Teck Resources Ltd, on its 100%-owned Loreto Copper Project.

Loreto comprises mineral concessions that have been separated from the company’s Paguanta Silver-Lead-Zinc-Copper Project in northern Chile.


  • Teck Chile has been granted options to earn up to a 75% interest in Loreto by making US$0.6 million in staged cash payments (approximately AUS$0.8 million) to Golden Rim and spending US$17 million on exploration (approximately AUS$23million).
  • Loreto lies at the northern extension of Chile’s West Fissure – the world’s largest concentration of major porphyry copper-molybdenum deposits.
  • Golden Rim’s exploration has identified a highly prospective 2.3 km x 1 km alteration centre at Loreto, which has the potential to host a deeper porphyry copper deposit.
  • Mineral concessions that cover the measured, indicated and inferred mineral resource of 2.4 million t at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8 million oz silver, 265 million lb zinc, and 74 million lb lead at Paguanta are not included in the agreement with Teck Chile; Golden Rim is pursuing an alternative transaction on the Paguanta mineral concessions.

Craig Mackay, Golden Rim’s Managing Director, comments:

“Golden Rim believes that Loreto could well represent the last unexplored outcropping Oligocene-Eocene porphyry system in northern Chile. Not surprisingly, Loreto is surrounded by BHP and Codelco, two of the largest copper companies in the world.

“Golden Rim is very pleased to execute this agreement with Teck, one of Canada’s leading mining companies, to explore Loreto. Teck has two major copper operations in Chile, including the Quebrada Blanca Mine, located 120 km south of Loreto along the West Fissure.

“The option and joint venture agreement allows Golden Rim to leverage off Teck’s significant porphyry copper exploration and development experience. With the ability to retain an interest in Loreto, Golden Rim gets to share in the upside should Teck make a significant copper discovery. The agreement also allows us to deliver value from the project while focusing on growing our gold inventory at the Kada Gold Project in Guinea.”

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Copper mining news South American mining news