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"Drill ready" copper and molybdenum porphyry & JV
"Drill ready" copper and molybdenum porphyry & JV.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3699R Rose Petroleum PLC 11 September 2014 \n \n\nRose Petroleum plc (AIM: ROSE)\n(\"Rose\" or the \"Company\")\nOption agreement on separate \"drill ready\" copper porphyry and molybdenum porphyry systems and\njoint venture on gold/silver high-grade vein mining\nRose Petroleum (AIM: Rose), the AIM-listed natural resources company, is pleased to announce that its wholly owned Mexican subsidiary Minerales VANE S.A. de C.V. (\"MV\") has entered into a joint venture and option agreement (the \"JV\" or \"Agreement\") with Minera Camargo S.A. de C.V. (\"Camargo\") in connection with Camargo's Tango concessions located northeast of the town of El Rosario in southern Sinaloa, Mexico.\nThe Tango, Tango 2, Tango 3 and Tango 5 concessions host two porphyries, one containing copper (Cu) and the other molybdenum (Mo) mineralization as well as several historic high-grade, narrow-vein gold (Au) and silver (Ag) mines on the margin of and associated with the porphyries. Disseminated gold and silver deposits was the initial focus of exploration efforts by Camargo in 2003 on the concessions based on geological survey work by the Mexican government in the 1980's. This survey work also identified separate porphyry Cu and Mo occurrences that were confirmed by Camargo and, starting in 2009, were followed up with extensive geochemical sampling and advanced to the \"drill ready\" stage. The narrow-vein gold and silver has been the focus of mining dating back to the Spaniards (16th century) and, although there are a number of underground workings on the property, none have seen recent significant production.\nThe Agreement with Camargo is to further explore the two copper- and molybdenum-bearing porphyries (base metals) and separately to seek to develop production on the high-grade gold and silver veins (precious metals) to provide ore to the Company's San Dieguito de Arriba (\"SDA\") mill in Acaponeta, Nayarit.\nHighlights\n· 75% earn-in option for US$5m spent over five years on Porphyry targets (Base metals)\n· 50:50 profit split JV on Gold/Silver (Au/Ag) mines within the property (Precious metals)\n· Drill ready porphyry copper target with visible copper minerals within a 2km x 1.5km soil, rock-chip, and stream sed...