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US copper giant Freeport-McMoRan has given its backing for Max Resource’s flagship Cesar copper-silver project in northwestern Colombia, with the companies entering on Monday an earn-in agreement.
The first stage is an initial 51% interest that requires C$20 million in exploration funding commitments on Cesar and a C$800,000 cash payment; Max will remain the project operator during this stage. In the second stage, Freeport can earn an additional 29% by funding a further C$30 million in exploration over five years and making payments totalling C$750,000.
“Careful consideration was given in selecting the best suited earn-in party for Cesar, and access to Freeport’s global team and expertise is aimed at unlocking Cesar’s potential. Freeport has a track record of global copper discoveries that have proceeded to mine development and production,” stated Max CEO Brett Matich in a press release.
Having first identified its district-scale potential, Max has now assembled a land package that spans more than 1,150 km of geology prospective for sedimentary-hosted copper and silver deposits. The property contains 20 mining concessions covering a total of 188 sq. km.
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