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Revelo Resources (TSXV:RVL) reported that Newmont Ventures, a subsidiary of Newmont Mining (NYSE:NEM) has completed its Phase 1 Earn-In to secure a 51 percent interest in Revelo’s Montezuma copper project in Northern Chile. The company was required to spend over US$2.5 million in order to earn the interest.
Revelo Resources (TSXV:RVL) reported that Newmont Ventures, a subsidiary of Newmont Mining (NYSE:NEM) has completed its Phase 1 Earn-In to secure a 51 percent interest in Revelo’s Montezuma copper project in Northern Chile. The company was required to spend over US$2.5 million in order to earn the interest.
As quoted in the press release:
Newmont spent a total of approximately US$2.7M at Montezuma between January 2014 and December 2014. Newmont had until June 2016 to complete Phase 1.
Newmont has also formally elected to continue to Phase 2, in which Newmont must spend a further US$5.5M over the next 2.5 years in order to earn an additional 14% interest, to 65% in total. Any expenditure in excess of the Phase 1 Earn-In requirement will be credited towards the Phase 2 Earn-In.
The Venture Agreement also provides that Newmont may to elect to continue to a Phase 3 at a later date, in which Newmont must spend a further US$12.5M over the next 2 years in order to earn an additional 10% interest, to 75% in total.
About Revelo’s Montezuma project:
The Montezuma project comprises approximately 44,000 Ha of 100% owned tenements. It is located along the main porphyry copper belt in northern Chile, directly along the main West Fissure Fault System that controls several copper deposits in the area, midway between the giant Chuquicamata (Codelco) and Centinela (Antofagasta Minerals) copper mining districts. The property is centred approximately 20Km south of the important mining town of Calama. Access to the property is excellent via a good quality dirt road leading off from paved roads and altitudes vary from approximately 2,600 m to around 3,100 m.
Several copper-gold targets have been identified which are currently being advanced to drill testing. The targets are largely obscured by post-mineral gravels and mudflow deposits along the West Fissure Fault and associated fault splays that extend south from the Chuquicamata copper mine into the Montezuma property, then further south to the Centinela district of porphyry copper deposits.
Click here to read the Revelo Resources (TSXV:RVL) press release
About Revelo Resources
“Revelo is building a sustainable exploration business focused on securing prospective land along the prolific mineral belts of northern Chile, and by implementing effective exploration and capital management strategies to grow, advance and de-risk its portfolio to provide shareholders with multiple opportunities for exploration success.
Revelo is a Canadian company formed from the merger of Iron Creek Capital Corp. and Polar Star Mining Corporation in December 2014. Revelo controls approximately 300,000 Ha of 100% owned exploration tenement along proven mineral belts in northern Chile. The portfolio is comprised of 16 high-quality exploration projects prospective for copper, gold and silver, including 5 projects already under option/JV agreements with Newmont (Montezuma Project), Kinross Gold (Las Pampas Project), and BHP Billiton (Blocks 2, 3 & 4 Projects). In addition, Revelo retains a 2% royalty interest in the Victoria Project, an important copper-gold-silver exploration project in northern Chile.”