By: Mariaan Webb
JOHANNESBURG (miningweekly.com) – Junior Stratex International has teamed up with Chilean copper miner Antofagasta to explore copper and copper/gold deposits in Turkey.
Antofagasta has committed to an initial 16-month, $1-million target-generation and exploration programme, which would start immediately, said Stratex CEO Bob Foster on Tuesday.
The objective is to identify at least two drill targets within the first 16 months.
“Both Antofagasta and Stratex share the belief that there is a high potential for the discovery of porphyry copper and copper/gold deposits in Turkey given the country’s position astride the metal-endowed Tethyan Metallogenic belt, which hosts giant porphyry copper deposits such as Sar Cheshmeh and Sungun in Iran and Reko Diq in Pakistan,” Foster added.
Stratex, which would manage the alliance, said that the technical input from Antofagasta, as one of the world’s leading copper producers, would be key to the exploration work in Turkey.
“Key senior exploration geologists and consultants will be seconded from Antofagasta from time to time and will undoubtedly bring considerable expertise to our current team working in Turkey.”
During the 16-month exploration programme, areas identified for detailed follow-up exploration and possibly drilling areas would be acquired under licence and defined as designated properties. Any such properties would be vested 51% Antofagasta and 49% Stratex. Antofagasta has the option to earn a further 19% of any designated property by spending another $3-million on that property, for an aggregate interest of 70%.
The Chilean miner also has the option to continue the target-generation programme after completion of the initial 16-month programme by spending another $250 000 a year on follow-up exploration work.
Edited by: Mariaan Webb
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