Canadian junior mining company Revelo Resources controls around 200,000 hectares of mining property in Chile, but its executives have taken the decision to sell interests in some assets in order for each project to effectively advance.

Last week, Revelo Resources signed a letter of intent with England’s BMR Group to sell 80% of the Montezuma copper project, located in northern Chile between the Chuquicamata and Centinela deposits.

The four-and-a-half year agreement requires BMR to issue 19.9% of its shares to Revelo in exchange for a 20% interest until the preliminary economic study is completed. Similarly, the English group will have to invest 2.5 million dollars in exploring the project’s 16,000 hectares, where attractive targets for copper porphyry have already been defined.

If all the stages of the agreement are met, both companies would form a Joint Venture, which would lead to the project’s construction and the beginning of production.

The Los Azules copper project covers 3,800 hectares and is located 50km east of Copiapó. An interest in it was sold to the Chilean mining company Masglas America Corporation.

Both companies signed a four-year option agreement in 2017, which gave Masglas the right to a 100% interest in the project, in exchange for staggered payments, a 2% royalty and investment in exploration.

However, the parties decided to accelerate the transaction and, in addition to the royalty, agreed to an immediate payment of 250,000 dollars. The agreement also includes an option to reduce the royalty to 1% by Masglas paying one million dollars after 36 months of production.

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