Evrim Resources Corp (CVE: EVM) has now inked the definitive agreement with a wholly-owned subsidiary of copper titan Antofagasta (LON:ANTO) over the Ball Creek property in British Columbia.
Antofagasta will have the exclusive right to earn up to 70% of the property by spending up to US$31 million or delivering a prefeasibility study.
"Ball Creek carries significant district-scale exploration potential for gold-rich copper porphyry deposits and we are excited to start work this summer with Antofagasta", said Evrim chief executive Paddy Nicol.
"Exploration plans include work on the four known porphyry systems as well as regional exploration elsewhere on the project. We expect the program to commence in July, 2017."
Antofagasta can earn an initial 51% interest by spending US$6 million over six years and it has committed to spending US$300,000 during the first year.
Once Antofagasta has earned the Initial Interest, it can earn an additional 19% interest by spending either US$25 million or completing a prefeasibility study (with expenditures capped at US$25 million), over seven years.
If Antofagasta elects not to earn the additional Interest, it will transfer a 1.01% interest to Evrim in exchange for a 0.25% NSR, and Evrim will regain a controlling interest in the Ball Creek property.
Evrim will be the operator during the initial interest phase.
Ball Creek is a large, 524 sq km copper-gold porphyry and epithermal gold-silver project in British Columbia's Golden Triangle, which lies only 8km west of Highway 37 and the 287 kV Northwest Transmission Line.
Shares are unchanged at $0.26.