EV Resources (ASX:EVR) has entered into an in-principle deal worth USD$1.3m over 2 years to purchase the Don Enrique Copper-Gold-Silver Project in Peru.
The deal with see EVR acquire Peruvian company Minera Montserrat S.A.C, which is the 100% owner of the project.
Don Enrique is comprised of four licenses covering a total of 1,800 hectares, and is located approximately 260km from the country’s capital city Lima. It is served by the nearby town of Jauja, which receives daily flights from the capital, along with infrastructure including water, low-voltage power, and all-weather unpaved roads.
Map displaying the Don Enrique Copper-Gold-Silver Project in PeruHistorical sampling work at an underground exploration adit and surface outcrop measuring over 1,500m at the project has returned ‘significant’ copper, gold and silver assays. This includes underground rock chip results of 4.7% Cu, 1269ppm Ag and 0.33ppm Au. Additional underground continuous channel sampling across mineralisation uncovered a highlight result of 12m @ 1.56% Cu, 282ppm Ag, 0.06ppm Au, while surface sampling 800m from the adit resulted in grades up to 4.8% Cu, 251ppm Ag and 0.15ppm Au.
The company notes that additional sampling, mapping and geophysics work is required before drilling, and that it intends to apply for a license under Peru’s small miner framework which would allow for drill work, along with the extraction and processing of up to 350 tonnes of ore per day. This will be followed by an application for a standard larger-scale project development licence.
Once drilling has been approved, a diamond-core program will be undertaken to determine future programs leading up to feasibility studies.
Images: EV Resources Limited
