A subsidiary of Australian-based Newcrest Mining will buy a 60% interest in a porphyry copper-gold prospect held by Goldcliff Resources (GCN-V) in Argentina.
To buy into the Diente Verde project, Newcrest must spend US$4.8 million on exploration and property payments over four years.
Situated in the central province of San Luis, the prospect represents a 2-sq.-km alteration zone of disseminated sulphides and oxides hosted in Tertiary volcanic and intrusive rocks.
A total of 140 grab samples was collected at 1.5-metre intervals. Initial results from a 50-by-75-metre portion of the deposit returned 0.68 gram gold per tonne and 0.53% copper.
Drilling is planned.
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