Junior now has agreements with three copper majors
Quality emerges at Galan's blue-chip lithium address
SPONSOREDgalan lithium
BHP has to invest US$25 million in exploration expenditures and make $2.4 million of cash payments to Luminex over a four-year period to earn its initial 51%. It can then earn an additional 9% interest by sole funding another $10 million of expenditures and making an additional $4.6 million cash payment over a further two-years. BHP will have the right to earn a further 10% interest to bring its total interest to 70% by sole funding an additional $40 million of expenditures.
BHP will pay an initial $100,000 to Luminex upon signing the agreement and $200,000 upon completion of the transfer of the properties to the joint venture company the partners are forming. BHP will also incur $200,000 in expenses, which represents costs from the signing of a letter of intent up to May 31. Luminex will be reimbursed for the approved June 2019 expenses related to the property.
Quality emerges at Galan's blue-chip lithium address
SPONSOREDgalan lithium
The Tarqui concessions are 24km northwest of the Mirador deposit within the porphyry-rich Zamora copper gold metallogenic belt in southeastern Ecuador.
The belt hosts the San Carlos/Panantza, Mirador, Fruta Del Norte and Santa Barbara deposits. A mineralized porphyry system has been identified on the Tarqui property with more than 1% copper at surface.
Luminex, which was spun out of Lumina Gold in August 2018, has now entered into earn-in agreements with three major copper companies for its properties in Ecuador having previously signed agreements with Anglo American and First Quantum Minerals.
Shares in Luminex Resources (TSXV:LR) are trading at C72c, valuing the company at $30 million. Its share price has increased 12.5% so far this year.