Copper Ridge eyes more Mexican ground

Junior Copper Ridge Explorations (KRX-V) has inked a deal that adds the San Carlos and Gitana claims to its stable of Mexican projects.

The company is already earning an interest in the Gavilanes and El Salitre properties in the southern Sierra Madre Occidental silver district in Durango state. The new claims are similarly prospective but situated in Oaxaca state, far to the south.

Recent sampling on the property has turned up to 2,560 grams silver and 21.4 grams gold per tonne over 2 metres. A 21-metre sample returned 220 grams silver and 2.56 grams gold, whereas a 3.5-metre sample, taken some 1.2 km away, ran 983 grams silver and 1 gram gold within an 8-metre zone averaging 593 grams silver and 0.45 gram gold.

Copper Ridge can earn 60% interests in both properties by spending US$500,000 over four years and issuing 100,000 shares to Minas Luismin and 200,000 shares to Almaden Resources (AMH-V). The junior must also make payments to the underlying vendors of the Almaden property, and can increase its interest in that property to 85% by spending an additional $500,000 over two years.

Luismin retains back-in rights for 51% in San Carlos and 25% in Gitana by completing feasibility studies on both properties. Almaden also retains a back-in right for 15% on San Carlos.