Perth-based Caspian Oil & Gas (ASX:CIG) is set to enter the mineral exploitation sector with the acquisition of a Chilean copper project.
Productive Investors Australia reports that the company has purchased Australia's Equus Resources, and thus acquired an option over the Naltagua Copper Project in Chile which is situated close to one of the country's key copper producing areas.
The project was previously mined between 1905 and 1945, and targets up to 80 million tonnes of manto-type copper-silver deposits.
It thus far remains largely unexplored, with three of 10 exploration targets currently drill ready.
The news arrives just as the company's oil and gas permits in Central Asia's Kyrgyz Republic are about to expire or reach commercial exhaustion.