Metminco (LON:MNC, ASX:MNC) now has full control over Hampton Mining’s South American assets, thus paving the way to accelerate exploration at the Los Calatos copper project.
The company told investors that it has now completed the deal to buy the remaining equity in Hampton, and it has concurrently complete its A$30 million fund raising. It has now issued 150 million new shares.
It has spent the last few months finalising the transactions.
The Los Calatos copper-molybdenum project is located in south Peru, within a well known major copper porphyry belt. There are three large mines and mining infrastructure nearby.
The project covers a total tenement area of around 214 square kilometres.
Metminco noted that Los Calatos hosts a large copper porphyry 'cluster', which covers around 68 square kilometres.
So far eight exploration targets have been identified within this cluster. Hampton recently commissioned a comprehensive geophysics survey across the cluster.
The newly raised funds will be used to help Metminco test high priority targets with the drill-bit.
Specifically it is planning to conduct 50,000 metres of drilling at the Los Calatos.