Chilean exploration firm Cerro Grande announced that it’s signed a non-binding letter of intent to purchase Minera Tamidak Limitada’s Pimenton copper project.
In a release dated September 14, the company noted the purchase is through its junior exploration company Minera Til Til. The purchase price is CA$6.71mn ($5.09mn).
According to the letter of intent, Til Til gains access to concessions and any assets in a joint venture Tamidak signed with a Chilean subsidiary of First Quantam Minerals called FQM Exploration.
The Pimenton project spans 3,121 hectares, 120km northeast of Santiago in the Andes Mountains. Although an in-depth feasibility study hasn’t been conducted, the mine appears a promising copper-gold asset.
C$0.76 = $1