Tucson, Ariz.-based Arimetco International (TSE) plans to acquire the remaining half of the MacArthur copper property in western Nevada.
The property, jointly owned by Arimetco and Brookline Minerals (VSE), is about five miles from Arimetco’s Yerington mine.
Arimetco has rehabilitated the Yerington solvent extraction plant, and electrowinning facilities are 75% complete. Operating plans for MacArthur call for mining and leaching of oxide copper ores on-site, with the pregnant solutions pumped to the Yerington plant for processing.
Open-pit minable reserves are estimated at 40 milion tons grading 0.22% copper, including a higher-grade reserve measuring 8.3 million tons and grading 0.42% copper.
Arimetco will acquire the 50% interest through the purchase of Holcorp Ventures West which is owned by a subsidiary of Brookline. (Regulators must first approve the purchase.)
Holcorp Ventures holds $1 million in cash and a US$750,000 note on Arimetco’s Emerald Isle mine in southwestern Arizona.
Arimetco will issue a subsidiary of Brookline two million treasury shares for Ventures West, according to the purchase agreement.
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