Vane Minerals to go in search of gold-copper targets on new property package
11 November 2009
AIM listed mining group Vane Minerals has established a new property package in New Mexico and is now planning to explore the area for copper-gold targets.
The package was put together using a database owned by copper mining giant Freeport-McMoRan, with which Vane has a long-standing tie-up. Under the terms of a deal between the two sides, Freeport has the option to acquire a 25% stake in a Vane project once the reserve estimate has been announced or when a property goes into a bankable feasibility.
The latest move has seen Vane take on 49 federal lode mining claims and a 640 acre lease within the Banner Mineral District of south-western New Mexico, covering approximately 1,650 acres.
In particular, the company wants to target Lordsburg West, an undrilled covered area adjacent to the productive Banner Mine. It believes the wide distribution of recent cover rocks in the area has left portions of this target untested.
Matthew Idiens, Vane’s director of corporate development, said: “This property package, which grew out of the Freeport database, is an exciting untested target in the historic Banner Mineral District. We are looking forward to evaluating the Lordsburg West target; starting with up to 10 rotary holes by the end of the year.”
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