Reconnaissance silt sampling is set to resume on the Rio Veraguas and Guayabal concessions of Western Keltic Mines (VSE) in Panama.
Noranda (TSE) will provide $75,000 towards a $105,000 program aimed at following up sampling carried out in 1994. That work returned silt values of up to 2,230 parts per billion (ppb) gold, as well as 0.2% copper, plus rock values as high as 750 ppb gold and 1.7% copper.
The two contiguous concessions are 7 km southwest of the Petaquilla project, a joint venture among Adrian Resources (TSE), Metall Mining (TSE) and Teck (TSE).
Rio Veraguas and Guayabal are held by Western Keltic’s 60%-owned subsidiary, Minera Keltic. (The other 40% of the subsidiary is held by the privately owned Panamanian company, MinAmerica.)
Following the sampling, Noranda will be able to enter a joint venture to earn a 51% interest.
Terms call for an exploration expenditure of $2 million and a payment of $300,000 to Minera Keltic over three years.
An additional 19% can be earned by spending another $2 million, plus making a cash payment of $300,000 during a 2-year period.
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