Toronto-based exploration company Pima Zinc, formerly known as Rae-Wallace Mining Company, announced that it has just closed the acquisition of 1139432 B.C. Ltd., the registered and beneficial holder of a 100% interest in the Pima Zinc property located in southern Arizona.
In a press release, Pima said that in connection with this acquisition, it issued 5,000,000 common shares to the existing shareholders on a pro-rata basis.
The Pima Zinc property consists of 133 Bureau-of-Land-Management unpatented lode mining claims with a total area of 2,506 acres and, subject to approval, seven Arizona State Land Department Mineral Exploration permit applications for an additional 2,080 acres.
The property lies within 15 kilometres of three current and past-producing mines, namely Asarco – Grupo Mexico’s Mission mine, with proven and probable reserves estimated at 1.49 million tonnes of ore grading 0.38% copper, and Freeport-McMoran’s Twin Buttes and Sierrita mines, the latter with estimated proven and probable reserves of 3.3 billion tonnes of ore grading 0.23% copper along with an additional resource of 1.3 billion tonnes of mineralized material at 0.17% copper and 0.02% molybdenum.