NEWS
NON-FERROUS   Energy  

New Energy to acquire project near Codelco’s and BHP’s mines in Chile

Canada's New Energy Metals (TSXV: ENRG) announced that it entered into a letter of intent with certain arm’s length vendors to be granted the exclusive right and option to acquire an initial 70% royalty-free interest in and to certain exploration and exploitation mineral concessions known as the “Exploradora North project.”

The 84,750-hectare project is located in the II and III Regions of northern Chile along the prolific West Fissure fault system between the open-pit Escondida mine, the largest copper mine in the world which is owned by BHP and Rio Tinto, and Codelco’s El Salvador underground copper mine.

In a press release, New Energy explained that Exploradora North is also located immediately north and east of Codelco’s Exploradora deep drilling project, where near-surface resource reported 100 Mt of 0.3 Cu and 0.2 g/t gold.

According to New Energy, Minera Activa, a private Chilean company, recently announced positive results in the Exploradora district, and Brazil’s Vale is also actively drilling to the west of Exploradora North.

To move forward with the acquisition, New Energy Metals, through a wholly-owned Chilean subsidiary, will enter into a formal option to purchase agreement which contemplates that the Vancouver-based firm has to incur in exploration expenditures on the project of at least $15 million within 48 months of the effective date. The company will also have to pay $8.5 million an issue an aggregate of 11,500,000 common shares of New Energy Metals, all of which will be done in different installments or phases.

News No: 4798
Date: 2019/06/11 - 00:11
News Source: MINING.COM

Energy  Chile  Canada  Energy Metal  BHP 

Comments:

Leave a Comment:

   
   
   
 

Serious Coal Shortage Expected in Near Future

Iran’s domestic coal consumption revolves around 2 million tons per year, 1.5 million tons of which are supplied by domestic production while the remaining 500,000 tons are imported.
 

Natural Gas Demand to Slow

The world’s appetite for natural gas grew at the fastest pace since 2010 last year, but that blockbuster growth is shifting into lower gear, according to the International Energy Agency.
 

2m Barrels of Gas Condensates on Offer via IRENEX

Two 2 million barrels of natural gas condensate is on offer at discounted prices in the international ring of the Iran Energy Exchange today (Monday).
 

Russia Meets OPEC+ Target in May

Russia’s average daily oil output in May fell below its OPEC+ target for the first time this year after buyers refused to take exports via Druzhba, the nation’s key pipeline to Europe, because of contamination.
 

Energy prices crash in Europe as old, new fuels vie for share

Gas and coal prices are plunging in Europe, hurt by the relentless threat of ever-cheaper clean energy that’s gaining market share and pushing out the fossil fuels in the process.
 

Iran to Offer 2mln Barrels of Condensate on Energy Bourse

Iran is due to offer a large cargo of condensate to domestic buyers through its energy bourse on Monday, in a direct sale to bypass the US unilateral sanctions.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners