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Snapshot: 9 junior mining companies investing in Chile

Bnamericas Published: Thursday, September 05, 2019

Nine junior mining companies from Canada, the UK, Australia and Chile have announced more than US$48mn in investment this year to acquire Chilean projects and US$22.8mn in exploration expenditures. 

1.- New Energy Metals

The Canadian company signed option agreements for US$27.4mn for seven projects focused on different minerals.

Commitments include US$9.3mn for the Atacama lithium project, US$4.4mn for the Cristal copper project, US$2.6mn for the Victoria cobalt project, US$1.4mn for the Onyx Uno cobalt project, US$1mn for the Consuelo and Amelia cobalt projects and US$200,000 for the Codiciada cobalt project, all of them in Atacama region.

2.- BMR Group

The private UK company signed a letter of intent with Revelo Resources to acquire an 80% interest in the Montezuma copper project for US$6.5mn in cash and US$1.5mn in exploration expenditures.

Montezuma is in northern Chile between the Chuquicamata and Centinela copper districts.

3.- Mirasol Resources

Based in Canada, the company committed a staged US$5.2mn for the Zeus gold project, which covers 18,480ha of exploration claims, hosts two recognized gold targets with grades of up to 1.28g/t gold and is located 40km southeast of Gold Fields' 3.8Moz Salares Norte project.

4.- Cameo Cobalt

With a US$5mn investment, the Canadian company signed a letter of intent to acquire a land package in the Carrizal Alto cobalt district in northern Chile.

Carrizal Alto comprises 456ha and no significant drilling has taken place since 2008.

5.- Wealth Minerals

Through its subsidiary Wealth Copper, the Canadian company entered into a US$1.5mn agreement with TriMetals Mining to acquire the Escalones copper-gold project in central Chile, 35km east of state miner Codelco’s El Teniente mine.

The Escalones deposit was discovered in 1996 and the project has road access, electricity, access to seaports and a gas pipeline that crosses the property.

6.- Coro Mining

The Canadian company entered into a US$2mn option agreement to acquire the Llanos and Mercedes claims, adjacent to its flagship copper project Marimaca.

Claims comprise 667ha of prospective ground where the company plans to complete surface geological mapping and geochemistry sampling.

7.- Revelo Resources 

Through its Chilean subsidiary, Teck Resources signed a US$425,000 option agreement to acquire up to a 60% interest in a 1,500ha portion of junior Revelo Resources' Cerro Buenos Aires copper property in northern Chile. The agreement also includes US$4.8mn in exploration expenditures.

The property is in a region that hosts important deposits, such as Cerro Colorado (BHP Billiton), Spence (BHP Billiton), Sierra Gorda (KGHM), Nueva Unión (Teck–Goldcorp) El Peñón (Yamana Gold) and Guanaco (Austral Gold).

8.- Masglas America Corporation

The private Chilean company paid US$250,000 to Revelo for the 3,800ha Los Azules copper project, and committed to pay a 2% NSR royalty on all metal production.

Los Azules requires detailed exploration to determine its real potential.

9.- Equus Mining

The Australian company executed an agreement with Mandalay Resources to acquire all the mining properties, resources and mine infrastructure of the Cerro Bayo precious metals project in southern Chile, in exchange for 19% of its share capital and a 2.25% NSR.

Cerro Bayo mine district comprises 29,495ha and the infrastructure includes a 1,500t processing plant.

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