EV Minerals has signed a binding letter of intent (LOI) with 15007887 Canada, (‘the Target’) to purchase all issued and outstanding shares of the Target, which holds an option agreement to acquire the Santa Monica Copper Project in Chile.
As per the LOI, EV Minerals has agreed to acquire all issued and outstanding shares of the Target company by issuing its common shares at $0.05 each, totalling C$3.5m, subject to market adjustments, to the existing shareholders of the Target.
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The Santa Monica Copper Project, lying within the Iron-oxide Copper Gold (IOCG) Belt and Atacama Fault System (AFS) in northern Chile’s Antofagasta region, spans 3,500ha and includes three past-producing copper mines.
This property is fully permitted for a 5,000 tonne per month flotation plant and tailings storage facility, with a small miners permit already secured.
Geographically, the site is 150km north of Antofagasta and 40km east of the port of Tocopilla, benefitting from easy access and proximity to essential infrastructure.
With its low elevation, ranging from 800m to 1,700m above sea level in the Coastal Range, the Santa Monica Mine is ideally situated for operational efficiency.
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By GlobalDataThe property also features the La Negra Formation, consisting of andesitic volcanic rocks and Jurassic intrusive rocks with copper-mineralised structures that have been previously exploited.
EV Minerals CEO Nicholas Konkin said: “The purchase of the property will transform EV Minerals into an advanced exploration and near-term development company.
“The land package we are 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 mineralisation, 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.”
In February this year, EV Minerals signed a binding letter of intent to acquire the Baldwin and Lunge projects from Graycliff Exploration.
