Cobre Montana advances Piedrecillas project deal

THE DRILL SERGEANT: Cobre Montana (ASX: CXB) has finalised all of the commercial requirements to procure 55 per cent of the Piedrecillas project in Chile.

Cobre Montana closed the deal by making statutory payments required to maintain the exploration tenure, and the issue of approx. 3.53 million ordinary fully paid shares in the company.

The company requires a shareholders’ agreement subsequent to commercial completion and such agreement is in preparation.

The Piedrecillas project is located approximately 180 kilometres south of the Chilean capital, Santiago and consists of sixteen exploration concessions covering over 2000 hectares.

 

Piedrecillas project location plan. Source: Company announcement

 

According to Cobre Montana the Piedrecillas project exhibits similar characteristics to that of manto-style (tabular) deposits found elsewhere in the region.

The company explained Manto-style mineralisation can host significant copper deposits, such as the El Soldado deposit (200 million tonnes at 1.35 per cent copper) operated by Anglo American.

“This announcement heralds Cobre Montana’s extended focus on manto style copper/precious metals deposits in Chile, by way of acquiring a direct interest in the Piedrecillas deposit,” Cobre Montana managing director Adrian Griffin told The Resources Roadhouse.

“The project is a large land holding by Chilean standards, centred on three known occurrences of copper/silver mineralization with prior mining, thought to date back to the 1940s.

“Strong mineralisation is observed at surface, and within small open pits, and shallow underground workings.

“We believe the Piedrecillas project offers great potential as an advanced exploration target.”

Email: info@cobremontana.com.au

Website: www.cobremontana.com.au