Global Geoscience (ASX: GSC) and major Chilean copper producer Antofagasta (LON: ANTO) have completed preliminary work at their project in Arizona that justifies immediate follow-up.
Reconnaissance exploration has been completed on 15 target areas selected by Global using its in-house structural targeting method with over 2,000 geochemical samples collected.
The results have led Antofagasta, which has a market cap of £7.6 billion and four operating mines in Chile, to release an additional US$200,000 of exploration funding, bringing the total approved budget up to US$400,000.
Global has already started detailed ground work that should lead to drilling at selected targets in 2014.
Antofagasta can earn 51% in a project by spending US$1 million per project over two years, and can increase its interest to 70% by spending a further US$4 million per project over an additional four years.
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