Copper Ridge can earn an initial 51% interest in the Plata property by spending $800,000 over five years and issuing 200,000 shares over four years. By spending an additional $1 million over two years, Copper Ridge can increase its interest to 60%, and by completing a feasibility study, the company can raise it to 70%.
In recent years, some small-scale mining has occurred on the property’s high-grade silver-lead veins. The material, which was hand-sorted, ran from 4,000 to 7,700 grams silver per tonne and 60-80% lead.
Copper Ridge believes these high-grade veins may be indicative of nearby massive sulphide mineralization. The veins occur in a sedimentary interval of the Selwyn Basin, which is known for hosting sedimentary-exhalative-type deposits. Geochemical soil and stream-sediment sampling has shown this horizon to be anomalous in silver, lead, zinc and barium.
Prospecting, mapping and sampling are planned.
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