Newcrest International Pty Ltd (a subsidiary of Newcrest Mining Limited - ASX code: NCM)
- Target: Gold-Silver-Copper Porphyry and Epithermal mineralization
- Located along strike of the endowed Maricunga belt in Chile within the core of a newly defined mineralized district
- Geological & geochemical data suggest prospective Maricunga rocks underlie the area
- Farm in Agreement signed with Newcrest in December 2018: See News Release 18-31 - Cornerstone and Newcrest sign Option and Farm-in Agreement for the Miocene gold-copper Project in Chile:
- $100,000 on signing, $1.1M committed during first 18 months
- 51% by paying $500,000 after 18 months and spending $9.1M ($1.1M + $8M over 4 years)
- 65% by paying $650,000 & completing PEA over 2 years
- 75% by spending $100 million or BFS (free carry, not repayable)
- Post BFS, Cornerstone will have the option for 90 days to convert 5% (1/5th) of its 25% project equity into a 1% net smelter returns (NSR) royalty. Newcrest will have the right to buy down the royalty to 0.5% NSR at fair market value after delivery of the BFS
The Miocene project, held by Cornerstone's Chilean subsidiary Minera Cornerstone Chile Limitada (MCCL), is located in the Regions of Atacama and Antofagasta of northern Chile, and is targeting epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt which hosts several world-class gold deposits. Significant epithermal mineralization has been discovered on neighboring properties along strike to the west of the Miocene property.
The Maricunga belt, hosts a number of world class epithermal gold-silver and porphyry gold-copper deposits. Although post-mineralization sediments and volcanics largely cover the Miocene project area, geological and geochemical data suggest that prospective Maricunga rocks underlie the area. Geological mapping, rock sampling and a ground magnetic survey have been completed. Planned exploration programs include an IP survey over the entire property, followed by trenching and drilling.
Chile consistently ranks among the world's top mining jurisdictions.