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Andean Mining Corporation - Copper VMS Advanced Exploration Project

Raising A$1.5M, Commitments of A$575,000 already received

Categories Securities, Unissued Securities
Sale Type Asking Price
Price Guide AUD Asking Price A$0.10 per share
Status: Open

Summary:

This Australian unlisted company is earning in a 65% working interest in a package of mining licences for a VMS copper and associated precious and base metals project in Colombia currently held by a TSX Company.

Colombia has emerged as an attractive Latin American jurisdiction for exploration and mining development, with prospective Andean economic geology now complimented by supportive Government policy, both at the macro-level, (eg substantially resolving FARC rebel conflict) and specifically in encouraging, successfully, the development of major new mines.

It is well recognized that Colombia occupies a significant tract of the well-mineralised Andean mountain terrain which runs north-south along the entire western rim of South America. Globally significant occurrences of copper, gold and zinc occur within this belt, in Chile and Peru in particular and now also in Colombia.

Over the next two years the Company’s strategy is to

  1. Re-process of existing geophysics (ground magnetics) to refine drill targeting;
  2. Undertake additional surface trenching;
  3. Complete approximately 15,000m of diamond drilling on the highly prospective copper and associated precious base metal VMS (volcanogenic massive sulphides) project to establish an initial Indicated JORC resources estimate;
  4. Undertake additional metallurgical testwork to confirm and refine previous testwork results,
  5. Complete a Pre-Feasibility Study for the project, and
  6. Target exit by trade sale or RTO/IPO

Raising A$1.5m up to a maximum of A$3M (commitments of A$550,000 already received) @ A$0.10 per share with a one for one free attaching 15-month option exercisable @ A$0.10.


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