THE BOURSE WHISPERER: Hot Rock has expanded its South American geothermal exploration portfolio via the recent granting of the Turu geothermal tenement located in Southern Peru.
The granting of the Turu tenement brings the company’s holding in Peru to four granted tenements, in addition to its 13 tenements in Chile.
Locations in Peru of geothermal tenements granted to HRL (red) and
tenements still in process (green), showing the location of the recently
granted Turu project. Source: Company announcement
Hot Rock said it has a further five tenement applications for volcanic geothermal prospects in Southern Peru currently being processed, which it expects to be granted this year.
The company described the Turu tenement as being associated with a volcanic caldera complex.
According to the company the tenement displays field evidence for a geothermal reservoir with subsurface temperatures suitable for electrical power generation.
“With this grant, Hot Rock further cements its position as the leading geothermal company within two of the most exciting, emerging geothermal provinces in the world today, in Peru and Chile,” Hot rock executive chairman Mark Elliot said in the company’s announcement to the Australian Securities Exchange.
“We are now able to commence community consultation work at Turu after which we will proceed with surface exploration studies, comprised of geology, geochemistry and geophysics.
“Of note, these activities will be undertaken outside of a Joint Venture program that we are currently advancing with the Energy Development Corporation (EDC) from the Philippines, the largest integrated geothermal company in the world, involving our already granted Quellaapacheta and Chocopata projects.
“This will allow Hot Rock to independently proceed with the proving and development of our fully-owned projects in Peru, in parallel with the two Joint Venture projects.”