Malbex Resources, a gold exploration company, declared that it has purchased two potential copper-gold porphyry projects located in Argentina.
The exploration projects, Chalchalero and Quebrada Seca, can be investigated round the year, especially during the Andean winter months when Malbex’s Del Carmen gold-silver project is dormant.
The Chalchalero copper-gold project is located in western La Rioja Province close to the San Juan provincial border, about 290 km north of the company’s office in San Juan, while the Quebrada Seca copper-gold project is located in Catamarca province approximately 75 km to the southwest along the same structure as Xstrata Copper‘s Agua Rica copper-gold development and Bajo de la Alumbrera copper-gold mine project.
Malbex Resources’ President and CEO, Tim Warman informed that for the past 16 months, geologists have been assessing a number of projects across Argentina, and their work is turning out encouraging results. Warman further added that the Del Carmen is a major project for the company. However, with just seven months of exploration season in the Andes, it is vital to deliver consistent exploration results on a year-round basis. The company plans to initiate these projects as well as the new gold project in Peru, once the Del Carmen project is immobilized for the Andean winter in late April.
Malbex Resources will receive 100% ownership of the project from private owners in Argentina in return for staged payments of approximately US$1.45 million over four years without any work commitment. The payments for one year of the agreement amount to US$225,000. A 1% NSR will be retained by the vendors that can be acquired any time by the company for US$1 million.
Similarly, the company will receive 100% ownership of the Chalchalero project from a private owner in Argentina in return for a series of payments of approximately US$800,000 over three years. With the issuance of Malbex shares, about US$300,000 of the total can be fulfilled. The payments for one year of the agreement amount to US$200,000 without any work commitment. A 2% NSR will be retained by the vendors that can be acquired anytime by the company for US$1 million.
Source: http://www.malbex.ca/