CHILE – Revelo Resources and Atacama Copper Exploration signed this week the documents related the sale of a 100% interest in three of Revelo’s copper focused projects in northern Chile.
Namely, Atacama acquired the San Valentino, T4 and Las Animas properties in exchange for shares in Atacama, a royalty interest over any future production from the properties, and $42,400.
In a press release, the Canadian miners explained that San Valentino is located along the Chilean Miocene porphyry copper belt to the north of Santiago and represents a porphyry copper target displaying widespread geological and geochemical characteristics possibly related to the upper parts of porphyry copper systems.
T4 and Las Animas, on the other hand, are located to the northeast of Taltal and to the west of Copiapó, respectively, and represent iron-oxide-copper-gold targets located along the Chilean Coastal Cordillera.
To move forward with the deal, Atacama had to issue 2.7 million shares, representing 15% of the outstanding shares of the company, to Revelo.
The buyer has also committed to spend $250,000 in exploration activities on each property, and to drill test any two out of the three properties within 24 months, and to drill test the third property within 36 months of signing definitive documentation
Meanwhile, Revelo will retain a 15% pro rata interest in Atacama for 24 months from signing the definitive agreement, and a 1.5% NSR royalty interest on precious metals and base metals at T4 and Las Animas, and a 1% NSR royalty interest on precious metals and base metals at San Valentino.
This story first appeared on www.Mining.com.