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Alianza Minerals Announces New Partner for Yanac Copper Joint Venture, Peru
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2015) - Alianza Minerals Ltd. ( ...
About this update from Silver North Resources Ltd.
[{"type":"text","content":"Alianza Minerals Announces New Partner for Yanac Copper Joint Venture, PeruVancouver, British Columbia--(Newsfile Corp. - December 15, 2015) - Alianza Minerals Ltd. (TSXV: ANZ) (\"Alianza\" or the \"Company\") announces that partner, Cliffs Natural Resources Ltd., has sold its 50% interest in the Yanac Copper joint venture in Peru to a private company (\"PrivCo\"). The sale of the Yanac interest was part of a larger acquisition of assets by PrivCo. At the time of the sale, Cliffs had completed US$1.8 million of US$4 million in exploration expenditures under an option to earn an additional 20% interest by February, 2017. PrivCo assumes this agreement, and if it does not complete the option, Alianza becomes 100% owner of the project and the partner's interest reverts to a 0.5% or 1.0% Net Smelter Royalty (NSR) based on the expenditure total.Jason Weber, President and CEO of Alianza stated, \"Our early discussions with our new partner have been encouraging as we both want to see active exploration on the Yanac project. Alianza will be working with this new group to understand their plans and ideas for Yanac and to advance exploration at this potentially large copper project.\"The Yanac Project is located approximately 60 km inland from the Pacific coast and 50 km from the nearest town of Chincha Alta, in the department of Ica. It was acquired as a result of a regional exploration alliance with Cliffs Natural Resources. Prior to divesting its interest, Cliffs brought Yanac to the drill-ready stage, identifying a 1.1 x 1.25 km area of porphyry style alteration and mineralization (pyrite-chalcopyrite-copper oxide-molybdenite) surrounded by a halo of quartz-pyrite veining. Results of an Induced Polarization geophysical survey indicates a potentially larger mineralized body at depth. A drill program had been planned by Cliffs, but was not completed due to a change in management at Cliffs in 2014, and a subsequent strategic shift away from mineral exploration.Deal TermsThe Yanac Project is now a 50-50 joint venture project between Alianza and PrivCo. Under the agreement that PrivCo assumed in the purchase, PrivCo can acquire an additional 20% interest in the Yanac joint venture, for a total 70% interest, by spending a minimum of US$4,000,000 (US$1.8 million spent to date) and completing 3,000 meters of drilling by February, 2017. If Priv...