Toronto-based Black Cliff Mines (TSE) has signed an option agreement with a Chilean company to earn a 70% interest in several gold-silver-copper tailings deposits near Atacama in central Chile.
The agreement gives Black Cliff five months to complete a feasibility study that is expected to begin in about three weeks.
Included in the agreement is the Los Carrera project which contains three million tonnes of grade 0.85-1.80 grams gold, 10-250 grams silver, plus low copper values. Black Cliff has also optioned the Los Cerrillos property which is known to contain three million tonnes of material. The most significant — the Pabellon — hosts one million tonnes of grade 0.75 grams gold, 275 grams silver and copper grades ranging from 0.50% to 1.54%.
While President Niyazi Kacira was unavailable for comment when The Northern Miner attempted to reach him, a company spokesman said it is too early to predict how much it would cost to develop the deposits. However, discussions are being held with a consulting engineering firm and financing is expected to be raised internally, she said.
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