The company intends to proceed with its planned drilling program at the project.
Kaizen Discovery (TSXV:KZD) has announced that it has acquired ITOCHU Corporation’s 10 percent interest in the Pinaya project in Peru as a result of ITOCHU’s decision to exit the project.
Kaizen’s ownership in Kaizen Peru Holdings — the indirect holder of the Pinaya project — now has increased from 90 percent to 100 percent, and the company intends to proceed with its planned drilling program at the project.
President and CEO of Kaizen, Tom Peregoodoff said:
“While it is disappointing that we are losing ITOCHU as our partner at Pinaya, we still consider the project to be one of the more compelling copper-gold prospects in Peru. Securing 100 percent control of the project will provide us with additional flexibility to potentially secure new partners seeking the discovery opportunities that are abundant in Peru.
“Our review of data acquired with the project suggests that the high-grade copper and gold mineralization at Pinaya continues along strike from the currently defined resource area, and we will pursue that drilling in our initial program. The recently recognized Pedro Dos Milles target provides us with an opportunity to significantly expand the size of the resource. We plan to actively explore this and other targets along the mineralized trend.”