Estrella Gold Corporation (TSXV:EST) announced that Cliffs Natural Resources Exploration Inc., a wholly owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF), has decided to fund additional exploration work on the Henry Sur property, following the expiration of the Alliance Agreement.
As quoted in the press release:
The Henry Sur property is located in Departamento Ica approximately 30 kilometers east of the town of Chincha, and planned 2013 work on the project will be fully funded by Cliffs. The planned program is expected to commence in July of 2013, and Estrella will continue to act as the project manager. Planned work will consist of additional reconnaissance and detailed geological mapping and geochemical sampling.
Estrella Gold Corporation President and CEO, John R. Wilson, said:
We are pleased with the results of our initial exploration work at Henry Sur and believe that the property may offer the potential for the discovery of a major copper skarn system with by-product gold, zinc and lead. Continuing work with Cliffs on this project offers the potential for increasing Estrella shareholder value, and we look forward to additional encouraging news in the coming months.