The company is Westminster’s largest shareholder and the properties are among those recently divested to the Canadian-listed company.
Farm-in with AusQuest
There is also an option to earn 75% by completing a pre-feasibility study.
This agreement covers five of the 36 Peruvian copper licences recently acquired by Westminster from Latin Resources, which total 4,900 hectares.
They form part of the Ilo Sur project, which Westminster acquired along with the Ilo Norte and Ilo Este projects.
Closure of the transaction includes Latin receiving 19 million Westminster shares and the appointment of Latin’s managing director Chris Gale to that company’s board.
Westminster’s president and CEO Glen Indra said: “AusQuest is an active and well-funded explorer in the southern Peru region, and we welcome their involvement in our portfolio of projects.
“I’d like to thank Chris Gale, incoming director of Westminster, for his assistance in arranging this agreement, and look forward to AusQuest success, while Westminster focuses on its wholly-owned Ilo Norte and Ilo Este copper projects.”
Southwest of Ilo Este
The five licences being farmed into are southwest of the Ilo Este Copper Project.
AusQuest has licences adjacent to the Westminster licences which were drilled in 2016, providing encouragement to continue exploring this area for a possible buried porphyry copper target.