Azarga Metals Corp (CVE:AZR) is set to go on the hunt for more Russian metals projects after it inked a memorandum of understanding (MOU) with the main vendors of its Unkur project - the Chara-Aldan consortium.
The agreement for further growth opportunities "pertaining to copper and silver rich sediment-hosted projects in the broader Chara-Aldan area of eastern Russia," Azarga said.
READ - Azarga Metals receives conditional approval of TSX Venture Exchange for Unkur acquisition
The Chara-Aldan area, encompassing around 320,000 sq km, is mainly in the Zabaikalsky province in eastern Russia and is prospective for copper and silver.
It lies north of China, east of Mongolia, where Russia and China share a direct land border.
According to the US geological survey (USGS), there are likely six known tracts in the Chara-Aldan area likely to host undiscovered sediment-hosted copper deposits.
"The USGS estimates there could be in excess of 20 million tonnes of undiscovered copper in the region and our quick success at Unkur confirms the area's overall prospectivity," said Dusty Nicol, Azarga's president and chief executive.
"The MOU provides Azarga Metals with exclusive access to the database of probably the most active early stage prospecting group within the Chara-Aldan area."