Further exploration and development of the copper property known as El Salvador, in the Mexican state of Zacatecas, will be carried out by Teck (TEK-T) and Western Copper Holdings (WTC-T) in a 55-45 joint venture.
Teck, the operator, can boost its interest by an additional 10% by arranging all production financing upon completion of a bankable feasibility study. It also holds an option to buy an additional 5% interest from Western Copper.
The agreement applies to all mining rights acquired by either company within a 225-sq.-km area. To date, 40,000 hectares have been secured.
Surface sampling on El Salvador and on the nearby Virgen property have identified stratabound copper oxide mineralization grading 1-2% copper over considerable widths. Diamond drilling will begin in September.
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