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.
Majuba Hill Copper Corp. (CSE: JUBA) has entered in to an agreement with Ruby Hollow LLC to acquire a 100% interest in the Copper King and Desert Mountain claim group near the Tintic mining district in Juab, Utah.
Majuba will issue an aggregate of 3 million common shares in the capital of the company for $0.13 per share. The properties consist of 6,827 acres of highly prospective claims and leases, the company said.
The two claim blocks are situated approximately 90 km southwest of Kennecott’s prolific Bingham Canyon mine complex west of Salt Lake City, and 40 km southwest of the Tintic mining district, which hosted some of the richest lead/silver mines in the state.
Copper King is a greenfield project that hosts numerous quartz-specularite veins with occasional copper-oxides, barite and fluorite showings that increase in intensity along the western flank of the mountain range, Majuba Hill said.
A field program in 2020 focused on collecting structural orientation data and geochemical grab samples of veins to provide further insight into the mineralizing system. Geophysical anomalies outline potential targets for drilling the 5,113-acre property.
The Desert Mountain claims are covered by the DMG claims, the Coyote Knoll claims and a state section on west side of the claim block. There is alteration, mineralization, and jasperoids in the volcanic and Precambrian rock covered by the claims, the company said.
There is a small mine on the property called the Coyote with small production and reported 1,000 ounces of silver. A review indicates drilling opportunities along a mostly east-west structure covered by the claims. The overall block size is approximately 1,714 acres.
“Our phased approach is how the next great copper mines of America will be developed,” Majuba Hill CEO David Greenway said in the statement. “This in an era when copper has never been in greater demand, the shortfall for copper been forecasted to become so significant and the need to find strategic copper reserves in domestic, mining-friendly jurisdictions been so imperative.”
Meanwhile, the company will continue to advance its flagship Majuba Hill copper project in Nevada, which it says showcases potential for 1.5 billion pounds of copper.
