Solitario finds partners for Peruvian projects

Solitario Resource (SLR-T) has secured partners for two of its properties in northern Peru.

Placer Dome (PDG-T) can earn a 60% interest in the 620 sq. km. Yanacocha copper-gold project by spending US$4 million on exploration and paying US$200,000 to Solitario over four years.

“Placer brings the technical experience and depth needed to advance this project to the discovery stage,” says Solitario President Christopher Herald.

The major is currently exploring the La Carpa property, 20 km east of Yanacocha.

The Yanacocha project is adjacent to South America’s largest gold mine, also called Yanacocha, which is owned jointly by Newmont Mining (NEM-N) and Minas Buenaventura (BVN-N).

Solitario has identified more than a dozen alteration zones at its project, many of which have yet to be tested.

Solitario’s second joint-venture agreement is with Billiton on the Soloco zinc property. The project comprises 36 sq. km. south of the Bongara zinc project, a joint venture between Solitario and Cominco (CLT-T).

Billiton’s local subsidiary can earn a 60% interest in the Soloco property by spending US$3 million on exploration over three years, including a first-year commitment of 1,000 metres of drilling and US$200,000 in expenditures. Billiton can earn an additional 10% by completing a bankable feasibility study within two years of completing its work commitment.

Billiton is a British-based subsidiary of Gencor of South Africa.

The zinc at Soloco is hosted in carbonate horizons similar to those found at the Bongara project, and may represent Mississippi Valley-type mineralization.