BRITISH COLUMBIA – Vancouver’s Kaizen Discovery has signed a strategic partnership with Itochu Corp. of Japan for the exploration of Kaizen’s newly acquired Aspen Grove copper-gold porphyry property. Itochu is providing $4 million in return for a 40% equity interest in the property.
The Aspen Grove property is located halfway between Merritt and Princeton, and between the Highland Valley and Copper Mountain mines. Kaizen took over the property in July 2014 when it acquired West Cirque Resources.
A joint technical committee will be formed to manage the exploration program. Kaizen will be the operator and plans to begin drilling in September 2014. Should the property become a commercial producer, Itochu will be entitled to a percentage of the offtake proportional with its interest in the project.
Itochu invested $5.1 million in Kaizen in February of this year and currently holds a 5.7% interest.
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