Australian explorer Latin Resources Limited’s Canadian affiliate Westminster Resources Limited has signed an agreement with a private vendor to acquire a 100pc interest in the latter’s Mostazal copper project in Chile, as per media reports citing a statement by the company.
The company will purchase the 16sqkm copper project located in the Atacama region of Chile, about 80km northeast of Copiapo. As per the agreement, Westminster has agreed to a four-year option to earn 100pc interest in the copper project.
The Atacama Desert has one of the richest copper deposits in the world, including the most significant porphyry copper deposits.
The Mostazal copper project is located within the 500km-long, north–south trending Domeyko Fault System, a major structural control for the majority of Chile’s largest copper mines, including BHP and Rio Tinto’s Escondida, Chuquicamata, and the Codelco’s El Salvador mines.
The project has a reported historical production of 120,000mt, processed with an average grade of 1.8pc copper, and high-quality geophysical targets support the thesis that near-surface copper mineralization may be a distal expression of a much larger porphyry deposit at depth.
Latin Resources is an Australia-based mineral exploration company with several mineral resource projects in Latin America and Australia. It owns 5.2mn shares, totaling 27pc of the issued capital in Westminster.