Minera IRL extends Bethania mining project in Peru

Latin American mining company Minera IRL has renegotiated an agreement on its Bethania project in Peru after discovering higher exploration potential of gold-copper porphyry.

Latin American mining company Minera IRL has renegotiated an agreement on its Bethania project in Peru after discovering higher exploration potential of gold-copper porphyry.

A contract between the gold mining organisation and Minera Monterrico Peru SAC, initially signed in 2009, has been re-jigged and extended a further five years at the Bethania property, it was reported Thursday.

Bethania has a total 3,352 hectares with three exploration licences held by Minera and a 1,000 hectare lease, El Alcatraz 12, under contract with Monterrico.

Courtney Chamberlain, Executive Chairman of Minera IRL, said: "We are delighted to have renegotiated the Agreement with Monterrico. Bethania is a very large porphyry system in which two drilling campaigns by Minera IRL have returned long intersections of gold-copper-molybdenum mineralisation. Our objective is a major porphyry discovery by building upon our past exploration success and knowledge of the system."

The operation kicked off in 2009 with a 12-hole 4,856 meter reverse circulation drilling programme followed by a 13-hole 2,822 metre diamond drilling programme in 2011.

The work revealed wide zones of gold copper molybdenum mineralization from a number of holes, characteristic of the targeted porphyry system.

Minera IRL will pay Monterrico $1m at the end of the third year of the operation, $10m per ounce of gold, and annual payments of $1m if the five year term is extended for an additional five years.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021