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Latin Resources leveraged to farm-in agreement over Peruvian copper projects

AusQuest Limited has entered an agreement with Westminster Resources covering five licences.

Joining pieces of a puzzle
Latin is the largest shareholder in Westminster Resources

Latin Resources Ltd (ASX:LRS) is leveraged to a farm-in agreement arranged by Westminster Resources (CVE:WMR) covering a number of copper projects in Peru.

The company is Westminster’s largest shareholder and the properties are among those recently divested to the Canadian-listed company.

Farm-in with AusQuest

Westminster has entered into the farm-in agreement with AusQuest Limited (ASX:AQD) which contemplates AusQuest completing 13,000 metres of drilling over 7.5 years to earn 65%.

There is also an option to earn 75% by completing a pre-feasibility study.

READ: Latin Resources completes non-core asset sale to Westminster Resources

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.

READ: Latin Resources well-funded to advance lithium, cobalt strategy in Argentina

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.

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