EV Minerals Corporation to Acquire Copper Project in Antofagasta Region in Chile
EV Minerals Corporation to Acquire Copper Project in Antofagasta Region in Chile

EV Minerals Corporation to Acquire Copper Project in Antofagasta Region in Chile

  • 18-Oct-2024 11:45 AM
  • Journalist: Jacob Kutchner

EV Minerals Corporation (EVM) has entered into a binding letter of intent to acquire all shares of 15007887 Canada Inc. (Target), which owns the Santa Monica Copper Project located in Chile's Antofagasta Region. As consideration for the acquisition, EV Minerals will issue common shares to the existing shareholders of the Target company at a deemed issuance price of $0.05 per share, up to a total value of CAD$3,500,000. The completion of the transaction is subject to customary conditions, including shareholder approval and regulatory approvals.

The Santa Monica Copper Project is a 3,490-hectare property that includes three small-scale, past-producing copper oxide and copper sulphide mines. The property is located in a historically rich mining region and is close to essential infrastructure.

The Company believes there is excellent exploration upside on the property, with only 15% of the property explored to date. The historical resource estimate for the property is 4,721,976 tonnes grading 4.05% Cu.

The Santa Monica Mine has been functioning as a fully permitted copper production facility in compliance with Chile's "small-miner rules" as recently as last year, and it can resume production with minimal steps. The site has recently received approval for a 5,000-tonne-per-month sulfide flotation plant, with plans for a tailings storage facility to be approved soon. This development positions the property as an advanced exploration asset with near-term development potential and possible tonnage increases across its land package.

EV Minerals President and CEO, Nicholas Konkin, in a statement said, “The purchase of the Property will transform EV Minerals into an advanced exploration and near-term development company. The land package we're acquiring covers a good portion of the Tocopilla Mining Camp, which was one of the largest copper producing areas in Chile in the early 20th century. Recently, small miners on the Property and in the area have exploited the readily accessible oxide deposits, but underlying sulphide mineralization, near surface and at depth beneath the copper oxide deposits exists throughout the camp, remaining largely untouched and undeveloped, creating an immense opportunity for resource upside through development work, and the further opportunity for discovery of deposits suitable for large open pit mining.”

About EVM –

EV Minerals Corporation is a Canadian company that explores for and develops minerals. It is currently focused on the EVM Nickel Project, which contains the McNickel deposit of nickel, copper, and cobalt. The project covers 1,792 hectares in the Saguenay area of Quebec, Canada. It has a non-current historical resource of 5.585 million tonnes with grades of 0.21% Ni, 0.11% Cu, and 0.03% Co. This resource is being re-evaluated to determine if bioleaching or acid leaching and electrowinning would be the best way to recover nickel, cobalt, and copper.

Related News

Asia Copper Rod Prices Soar as Inventory Levels Drop and Demand Surges
  • 19-Dec-2024 12:30 AM
  • Journalist: Motoki Sasaki
Nova Pacific Secures 2 6 Million for Lara Project Advancement
  • 11-Dec-2024 3:30 AM
  • Journalist: Phoebe Cary
Trump Tariffs Set to Reshape Global Copper Landscape Shifting Trade Dynamics
  • 05-Dec-2024 2:00 AM
  • Journalist: Patricia Jose Perez
Metso Unveils Integrated Copper Electrowinning Plant to Enhance Copper Cathode
  • 04-Dec-2024 1:06 AM
  • Journalist: Peter Schmidt