Alderan Resources (ASX:AL8) has elected not to exercise its option over Kennecott Exploration Company’s Corbin Wickes Copper Project in Montana in the US.
The company recently completed its due diligence review on the project, which is the subject of an option agreement between Alderan and KEX, executed on 6 January 2023.
Following completion of the review, Alderan has elected not to exercise its option over Corbin Wickes.
Alderan says it will continue its focus on identifying new opportunities to strengthen the company’s project portfolio and finalising the review of its Detroit exploration project in Utah.
On 10 January, Alderan signed the option with KEX, a Rio Tinto (ASXL:RIO) company.
The Corbin Wickes property is 100% owned by KEX, covers 14.3km-sqaure and consists of 163 unpatented federal mining claims along with options on 3 groups of patented claims and 2 groups of unpatented claims. Underlying net smelter royalties for the options are 1% with caps on 4 of the options and 2% with a cap on the remaining option.
The project area lies some 50km northeast of Butte which has a long mining history dating back to the 1800s. Copper and molybdenum are currently being mined at Butte, which has produced more than 2.5 billion pounds of copper and 250 million pounds of molybdenum since it commenced mining in 1986.
Write to Adam Orlando at Mining.com.au
Images: Alderan Resources Ltd
