San Jorge - A royalty opportunity on a development project being advanced by well-funded partners
In March 2015
, the Company reached a tentative agreement to dispose of its interest in San Jorge and received an advance of US$1.3 million associated with this agreement in April 2015. Assuming the completion of the sale the Company will retain a 2% NSR in the project
The Current Project:
San Jorge is a PFS stage heap leach copper project in Argentina with a proposed open pit mine, located in Mendoza province, to extract oxide and enriched material. The proposed SXEW plant, acid plant and heap leach pads would be located in the neighbouring San Juan province.
With mineral reserves of 48.4 million tonnes and an average grade of 0.61%CuT of which 55% is oxide and 45% is enriched,(1) the PFS proposed production would be 24k tpy of copper cathodes over a 10 year mine life.
Significant upside potential exists from the acceleration of leach production and subsequent treatment of primary sulphide resources through conventional flotation. Measured and Indicated in-pit primary sulphide resources include 136.2mt @ 0.43%CuT + 0.19g/tAu.(2)
San Jorge Resources: