Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Condor Resources (TSXV: CN) and Teck Resources (TSX: TECK.A, TECK.B; NYSE: TCK) are joining forces at Condor’s Cobreorco copper-gold project in the Apurimac department of central Peru.
The property covers about 50 km2 and has an exposed porphyry along with outcroppings of skarn-gossan with massive magnetite-iron oxide. The site has been worked by artisanal miners.
The Cobreorco property is 100%-owned by Condor. Teck has a first option to earn a 55% interest over three years by completing $4 million in exploration and making cash payments to Condor of $500,000. When the first option is complete, the two companies will form a joint venture.
Teck can increase its interest to 75% over a further three years by spending $6 million more for exploration and making additional payments totalling $500,000.
Condor acquired the first 1.7 km2 of the property in a sealed bid auction in 2018. Thereafter, the property has been enlarged through staking. Condor has conducted several sampling programs, and 32% of the channels tested contained more than 1,000 ppm copper and 44% contained at least 100 ppb gold.
A drone-supported magnetic survey was done in 2020, and the initial review of the data suggests the presence of two potential intrusive systems that correlate with exposed surface copper-gold porphyry and skarn outcrops.
Baseline sampling of water, air and soil has been completed by Condor and submitted to the Peruvian ministry of energy and mines. The company is in discussions with two local communities, whose permissions are necessary to obtain surface access permits for drilling.
