Quebec-based Xemac Resources (XEM-V) and Vancouver-based LMX Resource (LMX-V) have signed a letter of intent to explore for minerals on the Catarina project near El Rosario, on the Baja Peninsula of Mexico.
Xemac can acquire a 40% interest in the property by making cash payments and spending US$725,000 on exploration over three years. LMX would be the operator, though Xemac can acquire another 10% interest and take over management of the project by carrying out a bankable feasibility study.
The property is reported to host high-grade copper in a series of chert, limestone, shale and gypsum layers indicative of a shallow marine sequence of deposition and mineralization.
The units were sampled across their strike and yielded 3.6% copper, 5.9 grams silver and minor gold values over a width of 44 metres. The first-year program will consist of mapping, trenching and sampling.
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