A US $25,000 second option payment will be made by BHP Minerals International to Excellon Resources (VSE) and MVP Capital (TSE) on their jointly owned Robber’s Roost copper project near Tombstone, Ariz.
BHP can earn up to a 70% interest in the property by spending US$3.6 million over six years and providing Excellon and MVP with a feasibility study. The partners would then each retain a 15% interest in the project. BHP has spent more than the required US$150,000 during the first year of the agreement, and it must expend a total of US$400,000 by the end of the second year.
During the first phase of exploration, BHP completed geological and geophysical surveys and drilled three reverse-circulation holes. These holes defined a large pyritic halo and provided a vector toward potential copper enrichment zones under leached-capping outcrops near the centre of an alteration zone.
A 3-hole diamond drill program, designed to target the enrichment zones, is under way.
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