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Metminco upbeat on Los Calatos potential

At Los Calatos, Metminco recently started to drill at the TD2 Target southwest of the main deposit.
Metminco upbeat on Los Calatos potential
Drilling is underway at new target at Los Calatos

Copper junior Metminco (LON:MNC) remains in talks with possible funding partners to help develop Los Calatos project in Peru.

Due diligence is continuing it said, but has been hampered by the drop in copper prices over the past year.

Los Calatos has become the primary focus after it lost a legal dispute over access rights at the Mollacas project in Chile.

Metminco still has mining concession rights but in view of the latest court decision has written down the Mollacas project by A$43.5mln to A$3.9mln.

At Los Calatos, Metminco recently started to drill at the TD2 Target southwest of the main deposit.

Surface mapping identified the presence of copper oxides that soil samples indicated was a well-developed copper anomaly similar in character to Los Calatos.

“Against a global backdrop of robust long term copper demand, depleting copper reserves, and given both its location and environmental disposition, the Los Calatos Project is a valuable asset which has the potential to be an important future copper producer, “ said William Howe, managing director.

Losses in the 2015 amounted to AS$49mln reflecting the Mollacas write-down, while cash at the year-end was just shy of A$1mln.

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