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Strait amends Alicia option, completes drill program
(via Thenewswire.ca) Strait Minerals Inc. ("Strait" or the "Company") (TSXV: SRD) is pleas...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Strait amends Alicia option, completes drill program(via Thenewswire.ca)\n \n \nStrait Minerals Inc. (\"Strait\" or the \"Company\") (TSXV: SRD) is pleased to report that its Peruvian subsidiary and Teck Peru S. A. (\"Teck Peru\"), a wholly owned subsidiary of Teck Resources Limited (\"Teck\"), have amended the terms of their Option/Joint Venture Agreement (the \"Agreement\") regarding the Alicia copper-gold property in Peru.\n\n\n \nCertain dates relating to performance by Teck were extended by one year to reflect the delay in commencement of drilling operations at Alicia occasioned by regulatory and permitting issues. Teck Peru can now earn an initial 45% interest in the Alicia property by December 31, 2014, by spending $4 million on exploration. \n\n\n \nSince entering into the Agreement in late 2011, Teck Peru has spent approximately $2 million on exploration at Alicia including a recently completed 3,500-metre, nine-hole drill program (news release of October 15, 2013). A tenth hole is in progress. Complete assay results from the 2013 drilling program are expected in early 2014.\n\n\n \nTeck Peru can now earn up to a 75% interest in the Alicia property in stages by December 31, 2019, by, among other things, (a) completing aggregate exploration expenditures of $30 million or (b) completing aggregate exploration expenditures of $10 million and delivering a pre-feasibility study.\n\n\n \nAlicia lies within the 150-km-long Andahuaylas-Yauri copper belt where several large copper projects are at the development stage. Most notable of these are Glencore-Xstrata's Las Bambas project approximately 40 km west of Alicia and HudBay Mining's Constancia project approximately 60 km east of Alicia.\n\n\n \nAll of the Company's exploration programs are prepared by, or prepared under the supervision of, Dr. Roger Moss, P.Geo., who serves as the Qualified Person as defined by NI 43-101 and is a director of the Company. Dr. Moss has reviewed and approved the technical content of this news release.\n\n\n \nAbout Strait Minerals Inc.\n\n\n \nStrait Minerals Inc. is a Canadian mineral exploration company active solely in Peru since 2003 and listed on the TSX Venture Exchange. It holds a 100% interest in the Alicia copper-gold property which lies within the Andahuaylas-Yauri copper belt approximately 500 km southeast of Lima. Strait has granted T...