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New Point Acquires the Past-Producing Majuba Hill Copper Project
May. 29, 2018 01:02PM PST
Base Metals Investing New Point Exploration has announced that it has entered into an exploration lease and option to purchase agreement for the Majuba Hill Copper Project in Nevada.
New Point Exploration (CSE:NP,Frankfurt:4NP) has announced that it has entered into an exploration lease and option to purchase agreement with Majuba Hill LLC, a Nevada limited liability company, for the Majuba Hill Copper Project in Nevada.
According to the press release, Majuba Hill LLC has granted to New Point the exclusive option and right to acquire ownership of the property for the final purchase price of US$4,000,000 and a series of minimum payments.
As quoted in the press release, president and chief executive officer of New Point, Bryn Gardener-Evans said:
“We are extremely pleased to add this past-producing copper project to New Point’s portfolio. Majuba Hill reportedly produced 2.8 million pounds of copper, and the data for Majuba Hill indicates a target for a potentially large mineralized body with encouraging porphyry copper and silver – tin type mineralization. Only a small portion of the property has been drill tested, with significant intervals that included 113m at 0.45% percent copper, and 47m at 1.06 percent. Our aim is to follow up on both the upper oxide and deeper sulphide targets at Majuba Hill with a comprehensive technical program as soon as possible.”
Small scale historic mining concentrated on the Majuba fault zone and the veins in subordinate structures. Historic underground mining on the property produced 2.8 million lbs of copper; 184,000 ounces of silver; 885,800 lbs lead; 106,000 lbs zinc; 21,000 lbs tin; and 5,800 ounces of placer and lode gold between 1907 and 1960.
Click here to view the full New Point Exploration (CSE:NP,Frankfurt:4NP) press release.
