Latin America-focused copper miner now eyeing Canada
Latin America-focused Westminster Resources (TSX.V: WMR) announced today that it has signed a letter of intent to acquire a land package in the La Ronge district of Saskatchewan, central Canada.
In a press release, the miner said that the project package consists of two contiguous claims 60 kilometres northeast of the town of La Ronge. The land extends for 10,858 hectares and historically its focus has been on nickel-PGE, orogenic gold and VMS deposit types.
Westminster reports that the property has numerous mineral occurrences, including copper, nickel, gold, lead, zinc and uranium.
Under the terms of the acquisition, the Vancouver-based company has committed to making exploration expenditures totalling $400,000 over three years and issuing four million shares in two equal tranches to earn an 80 per cent interest in the property.
"We continue to think this is a good time to acquire interesting projects in the copper space. The La Ronge district has long been prospective for numerous metals, and its copper potential is now only being studied. I'm particularly excited that there is an extensive dataset to be recompiled and reinterpreted to advance the project quickly and cost-effectively,” the firm’s President and CEO, Glen Indra, said in the media brief.
Westminster's main assets are two deposits called Ilo Este and Ilo Norte in Peru's coastal copper belt, and the El Cobre property in Mexico's Sonora state.