Vancouver, British Columbia--(Newsfile Corp. - November 17, 2017) - Astorius Resources (TSXV: ASQ) (FSE: 47A) has entered into an option agreement to acquire 100% of 2 mineral concessions in Argentina.
The 2 concessions are located in the Taca Taca District, in the Puna region of north western Argentina in Salta province, approximately 230 kilometres west of the provincial capital of Salta and 120 kilometers east of the world's largest Copper mine, Escondida.
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The area has excellent infrastructure, with a railway line and power nearby, and port facilities near Antofagasta, Chile, one of the largest copper concentrate exporting ports in the world.
Taca Taca in the ancient language of the Incas refers to the manual processing of precious metals. Moreover, there are multiple spots in the immediate vicinity of the property with evidence of historic extraction workings by Jesuits.
Two effusive monogenic centers are almost entirely situated within the confines of the mining concession.
The Taca Taca District also hosts First Quantum's copper-moly-gold porphyry deposit, which has a NI 43-101 Technical Report with an indicated resource estimate of approximately 21.15 billion pounds of copper, contained in 2.17 billion tonnes grading 0.44% copper, 0.08 grams per tonne gold and 0.013% moly, for a 0.57% copper equivalent, as well as an inferred resource estimate of approximately 7.55 billion pounds of copper contained in 921 million tonnes grading 0.37% copper, 0.05 grams per tonne gold and 0.012% moly, for a 0.47% copper equivalent. First Quantum used 0.3% copper equivalent cut-off.
Consistent with the abundant historical background information based on systemic sampling and alteration evidence, drillings and assays from the adjoining Taca Taca Alto area, management believes there are solid foundations for hosting one or more types of deposits — porphyry copper-moly-gold, exotic copper, epithermal style gold and IOCG mineralization.
Astorius can earn its 100% interest by paying US$150,000, issuing 4.5 million shares, and incurring US$275,000 in exploration expenditures, plus another US$300,000 upon acceptance of a NI 43-101 Report by the TSX Venture Exchange or within 18 months. Astorius is well funded, having recently closed a non-brokered private placement for gross proceeds of $1 million, from the issuance of 16.6 million units priced at $0.06 per unit. Each unit contained an additional full warrant, exercisable at $0.10 for 12 months.
For more information, please visit www.astoriusresources.com, contact Jason Powell, Investor Relations, at 604-779-6497 or email [email protected].
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