Canada’s INMET Mining in Mexico Exploration Agreement with Australia’s Global Geoscience
September 19th, 2008 | by mantrionline |Canadian mining major, Inmet Mining Corporation (TSX:IMN), has joined Australian gold and
base metal explorer, Global Geoscience Ltd (ASX: GSC), with an exploration agreement over
Global’s 100%-owned Los Graceros Cu-Mo porphyry project in northern Mexico.
Global has granted Inmet a three-year option to acquire 51% of the Mexican subsidiary company
that holds the tenement over the project area.
To maintain the option, Toronto-based Inmet must spend US$2 million on exploration over the
three year period, including a minimum of $350,000 during the first year.
Once Inmet has earned its 51% interest, Sydney-based Global may elect to contribute to future
exploration expenditure in order to maintain its 49% interest or convert to a 20% interest that
will be “free carried” by Inmet through to completion of feasibility.
“We are delighted to have attracted the attention of one of Canada’s leading global mining
companies,” Global Geoscience Managing Director, Mr Bernard Rowe, said today.
“Inmet produces copper, zinc and gold, and has interests in four active mining operations (Çayeli
in Turkey, Pyhäsalmi in Finland, Troilus in Canada and Ok Tedi in Papua New Guinea), two
projects in the development phase (Las Cruces in Spain and Cerattepe in Turkey) and one project
in pre-development phase (Petaquilla in Panama),” he said.
Los Graceros Project
Global Geoscience’s Los Graceros project is located in northern Mexico, 100 km northeast of
Hermosillo, the capital of Sonora State.
The geological region that extends through Sonora, Arizona and New Mexico is well known as a
major porphyry copper-molybdenum-gold province. The Los Graceros project area displays
geochemical, geophysical and geological characteristics that indicate the area has good potential
to host porphyry style mineralisation.
Prospective rocks within the Los Graceros project area are obscured at surface by younger cover
rocks. Global has identified a distinct metal zonation around the margins of the project area with
a central zone of copper-molybdenum-gold surrounded by a silver-lead-zinc zone.
