IGO earns majority stake in Arizona’s Copper Wolf
Australia’s IGO has earned a majority stake of 51% in the Copper Wolf project in Arizona, US, and will now manage a newly formed joint venture (JV).
Buxton, which is listed on the ASX, announced that IGO had met the Stage 1 earn-in requirement, having spent A$350 000 on the tenements.
The parties have now formed a 51:49 JV for Copper Wolf.
IGO has six months in which to notify Buxton should it wish to earn a further 19% interest by sole funding a further A$5-million in exploration expenditure within three years.
IGO and Buxton entered into an earn-in and JV agreement for Copper Wolf in August 2022.
The project hosts a large copper/molybdenum enriched Laramide porphyry system, extending over about 12 km2.
Buxton has pointed out that similar Laramide-age phorphyries in adjacent parts of the western US and northern Mexico host super giant, world-class porphyry copper and molybdenum deposits, such as the Resolution, Bagdad, Inspiration, Miami and Morenci deposits, in Arizona, as well as the Bingham Canyon deposit in Utah and the Cananea and La Caridad deposits in Mexico.
Despite being located in one of the most prolific endowed copper belts in the world, the project has not had any drilling done since the early 1990s.
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