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Alturas options its Huajoto project in Central Peru to Milpo
(via Thenewswire.ca) T o r on t o , C anad a an d L i m a , P e r u ...
About this update from Alturas Minerals Corp.
[{"type":"text","content":"Alturas options its Huajoto project in Central Peru to Milpo(via Thenewswire.ca)\n \n \nToronto, Canada and Lima, Peru / TheNewswire / July 25, 2016 -Alturas Minerals Corp (TSXV:ALT) (\"Alturas\") is pleased to announce that Alturas has entered into a non-binding Letter of Intent (the \"LOI\") with Compania Minera Milpo S.A.A. (\"Milpo\"), a member of the Brazilian international Votorantim Group, to option the Alturas'\n\n\n \n100% owned, 4,129 hectare, zinc-gold-copper-rare earth element project Huajoto property mining concessions, located 22 kilometers northwest of the historical mining town of Huancavelica in Central Peru.\n\n \n \nGeologically, the Huajoto Volcanic Complex (HVC) is a sill and flow complex of felsic to intermediate composition cutting the Mesozoic Pucara limestone dominated basement. Small diatreme breccia pipes attest to explosive felsic eruptive activity and a pyroclastic phase. Faulting is complex and intense, probably reflecting strong extension in the roof of a sub-circular, sub-volcanic/plutonic complex, which measures around 10 x 10 kilometers in dimension. Surface and drilling results report of two different styles of mineralization on the Huajoto Property: high-sulfidation epithermal gold mineralization (La Virgen target) that may represent a mineralized lithocap overlying a porphyry-related copper-gold mineralization center and zinc-skarn and -replacement (Cathy-Pablo target) in the peripheral volcanic and sedimentary sequence.\n\n \n \nMiguel Cardozo, President and CEO of Alturas commented: \"We are pleased to have concluded a successful negotiation with Milpo, and to have the opportunity of continuing our exploration efforts in the Huajoto property, which has been partially drilled by Alturas with very encouraging zinc-rare earths mineralized intercepts\".\n\n \n \nUnder the terms of the LOI dated on June 28th, 2016, Alturas and Milpo intend to execute a Definitive\n\n\n \nAgreement (\"the Agreement\") whereby Alturas grants Milpo:\n\n \n \n1. A conditional 3-year option (the \"Option\") to acquire 80% of the Huajoto concessions for a total payment of US$2 million (the \"Acquisition Price\"). The Option period will start as soon as Milpo obtains all authorizations, permits and licenses required to initiate its exploration activities.\n\n \n \n2. A 5-year assignment of the concessions (the \"Assign...