- Condente Copper Corp. (DNT) agrees to commercial terms with Gold Fields La Cima S.A. to option the Arikepay copper-gold property in Perú
- The terms include cash payments up to US$1.7 million over ten years
- Condente’s subsidiary, Cobriza Metals did a reverse circulation drill program in June 2021 totalling 3,630 metres in 14 drill holes
- The focus was on the copper potential of the company, but Cobriza has recognized a stronger potential for gold mineralization at the property
- Highlights of gold mineralization found from the drilling programs include 81 metres of 3.05 g/t Au, 26 metres of 1.29 g/t Au and 18 metres of 1.09 g/t Au
- Candente Copper Corp. (DNT) is up 6.6 per cent and is trading at C$0.16 per share at 2:57 p.m. ET
Condente Copper Corp. (DNT) agrees to terms with Gold Fields subsidiary, Gold Fields La Cima S.A., to option the Arikepay copper-gold property in Perú.
The terms include cash payments up to US$1.7 million over ten years.
It will be broken down by the following list:
- $100,000 on signing of the definitive agreement
- $40,000 upon receiving drilling permits
- $100,000 on first- and second-year anniversaries
- $150,000 per year for five years
- $200,000 for the following five years
Exploration commitments that need to be met include:
- $3.5 million over three years to reach 51 per cent interest
- An extra $3.5 million over the following two years to reach 70 per cent interest
- Complete feasibility and make a payment of $10 million within 10 years to reach 100 per cent interest, which is subject to a 2.5 per cent net smelter return (NSR)
- The 2.5 per cent NSR has the option to buyout 1.5 per cent interest for $6 million
These terms are subject to the completion of a definitive agreement by both parties which will lay out further details that are still under discussion.
The Arikepay property is held by Condente Copper’s subsidiary, Cobriza Metals Perú S.A.
Two drilling programs have been completed to date.
Cobriza did a reverse circulation drill program in June 2021 totalling 3,630 metres in 14 drill holes. A third party drilled 8,908 metres in 14 holes from December 2013 through March 2017.
The focus was on the copper potential of the company, but Cobriza has recognized a stronger potential for gold mineralization at the property.
Highlights of gold mineralization found from the drilling programs include 81 metres of 3.05 g/t Au, 26 metres of 1.29 g/t Au and 18 metres of 1.09 g/t Au.
Candente Copper Corp. (DNT) is up 6.6 per cent and is trading at C$0.16 per share at 2:57 p.m. ET.