Chile acquisition doubles Tamaya copper resource

Tamaya Resources has signed a Heads of Agreement to acquire 100 percent of....

  Tamaya Resources has signed a Heads of Agreement to acquire 100 percent of Latitude Resources subsidiary, Latin American Copper Chile S.A., more than doubling the company’s Chilean copper resource.This acquisition will also add further gold resources to Tamaya’s JORC resource inventory, following the successful merger with Iberian Resources. The acquisition consolidates Tamaya as an integrated mining and exploration company, with a full development pipeline. The portfolio of five projects to be acquired will deliver to Tamaya a high quality inventory of advanced projects, as well as exploration infrastructure and additional capability for the development of new copper-gold mines on a 1000km section of the highly prospective IOCG (iron oxide copper gold) belt of the Coastal Ranges of Chile. This belt hosts of the company’s existing operations and a significant region of copper production in Chile. Tamaya Executive Chairman, Hugh Callaghan said the scale of the acquisition was significant for a company Tamaya’s size. “It is a genuine portfolio with at least two and possibly four of the prospects likely to develop into substantial assets over time,” Mr Callaghan said. “We are acquiring a highly successful exploration business that gives us the capability and reach to develop new projects in the Chilean IOCG belt,” he said. Latin American Copper Chile S.A. owns five exploration properties and an exploration capability, all in Chile: Filipina – Santa Rosa, Santa Dominga, El Morado, Indiana, and El Teno. Of these, Filipina and Santa Dominga are at an advanced status and represent the principal focus of the acquisition, together with Latin American Copper Chile S.A.’s exploration infrastructure. Mr Callaghan said the JORC-compliant resource at Filipina would go straight to Tamaya’s copper inventory. “Priority is to be given to fast-tracking Filipina Grande to production and generating a JORC resource for Santa Dominga,” Mr Callaghan said. “We are particularly excited about Filipina Grande, as the existing JORC resource more than doubles our contained copper resources in Chile and also adds gold to the Chilean portfolio,” he said.