Latin Resources (ASX:LRS) shares spiked as much as 43% Friday on the back of some encouraging traction in its efforts to establish a copper production business in Chile.
The stock last closed 14.3% stronger at A$0.008.
This investor support closed out a strong week of newsflow for the developer, including confirmation of a binding term sheet to earn up to 100% of the Filipina Copper Project through a joint venture with Chilean company Minera Activa.
The Project has an existing Measured, Indicated and Inferred Foreign Resource Estimate (NI 43-101) of 9.3 million tonnes at 0.80% copper and 0.23 g/t gold completed by GeoEstima in September 2014.
The project has mining permits to allow immediate small scale production, and is supported by infrastructure in one of Chile’s premium copper districts.
A small scale operation producing copper rich ores could be sold to Chilean state company ENAMI´s plant in Vallenar, located 38 kilometres away from the project area.
The deal has been interpreted as an important step in transitioning into a copper producer in the near term, with reasonable staged payments to roll out over a four-year period.
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