Kobrea Exploration (CSE:KBX) has completed a payment under an option agreement to earn 100% of the Western Malargue Copper Projects in Argentina.
In August 2024, Kobrea entered into an option deal to acquire seven projects comprising 733km2 in the Mendoza province of Argentina.
Under the deal, the company can acquire 100% of the projects by issuing 3.5 million shares and paying US$6.76 million ($10.31 million) cash in stages over five years.
A US$350,000 cash payment was made and 105,000 shares were issued, which comprises the first portion of the third payment as part of the option agreement.
CEO James Hedalen said executing the option agreement represented a major milestone for the company.
“The properties feature underexplored copper-gold-molybdenum porphyry systems within a world-class porphyry belt where, in 2024, several neighbouring projects have had drilling permits granted for the first time,” Hedalen says.
Kobrea Exploration is a mineral explorer and developer focused on acquiring and discovering base metal projects.
The Western Malargue Copper Projects are considered prospective for porphyry copper and copper-gold deposits, with no drilling conducted to date.
Write to Aaliyah Rogan at Mining.com.au
Images: Kobrea Exploration
