Vancouver — Continuing to focus on the prolific Maricunga gold belt, Tenke Mining (TNK-T) has inked a letter of intent to earn a 75% stake in TNR Resources’ (TRR-V) Batidero gold project in Argentina.
Tenke can earn the interest by spending $1.5 million over 4-years. The Adolf Lundin-led company must also issue 25,000 shares annually until the earn-in obligation is met.
Lying in northern San Juan province, the 49-sq.-km property is considered prospective for both high and low-sulphidation gold mineralization. The junior plans on launching both geochemical and geophysical surveys over the project this fall.
Tenke has a number of properties in Argentina. Last year, Rio Tinto (RTP-N) elected not to proceed with its option over the junior’s Vicuna gold project in the northwestern part of the country. Lying in the same belt as the Batidero project, Tenke drill tested five target areas on the 264-sq.-km project.
The best result came in hole 4, which cut 118 metres grading 0.51% copper, 81 grams silver and 0.38 gram gold per tonne from a down-hole depth of 162 metres. This interval included a higher-grade section running 0.55% copper, 192 grams silver and 0.39 gram gold from 202 metres down-hole. The hole terminated in mineralization, with the last 10 metres grading 0.92% copper, 5 grams silver and 0.67 gram gold.
In 1999, Tenke put together the Vicuna project, a package of ground between the Maricunga belt to the north and the El Indio belt to the south. The company subsequently augmented its position by optioning the Lirio property, which is adjacent to Vicuna, in return for exploration expenditures of US$1.5 million over five years.
Tenke also has the right of first refusal on several properties north of Vicuna. These are known collectively as Yamiri.
“There has never been a better time to explore in Argentina,” says Tenke director, Lukas Lundin. “The country is rich in mineral resources and opportunities abound for the discovery of new world class precious metal and base metal deposits.”
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