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Cloncurry Metals takes a step closer to acquiring El Rodeo Project in Mexico

Last updated: 07:41 28 Oct 2009 GMT, First published: 08:41 28 Oct 2009 GMT

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Cloncurry Metals (ASX: CLU) has  secured a sale agreement with the Global Resources Corporation  (GRC) which will – subject to shareholder approval – formalise the takeover of GRC and give Cloncurry exclusive rights to acquire the El Rodeo project, located in Mexico.

The El Rodeo prospect offers opportunities across a range of base and precious metals, particularly gold, silver and copper, over a number of prospects. GRC has also been reviewing other opportunities in Mexico.

The transaction entails an all scrip consideration valued at 8.5 cents per Cloncurry Metals share, purchasing the net tangible assets of GRC, the majority of which represents historic exploration costs totaling $2.04 million.

Cloncurry Metals is excited as the as the opportunities offered by the El Rodeo project and Mexico generally, said Cloncurry Metals director Simon Finnis.

The company has commenced the detailed planning required for the proposed exploration programs and is aiming to start work on the ground this year.

The exploration projects in Mexico will complement Cloncurry’s portfolio of base and precious metal projects in Queensland at South Cloncurry and the Burdekin.
 
Exploration in the South Cloncurry area is focused on searching the southern part of the Mt Isa block for large

Pb-Zn-Ag Broken Hill type (BHt) deposits, large iron oxide associated Cu-Au deposits (IOCG), and smaller, but high grade, shear related Au +/- Cu deposits.

The Mt Isa block is a geological terrain with world class mineral endowment, and many of the areas that Cloncurry Metals holds, particularly in the search for IOCG and BHt deposits are in the under-explored southern area, where younger sedimentary cover conceals the host Proterozoic basement.

Exploration in the Burdekin Project area is focused on searching for epithermal Au-Ag deposits and breccia hosted Au deposits. The Burdekin tenements encompass volcanic stratigraphy in the lower parts of the Bowen Basin that are known to host a significant Au-Ag-Cu deposit at Conquest Mining Ltd’s Mt Carlton Project, located about 10km south of Cloncurry Metals tenements.

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