West Cork Copper Project (Ireland)
In mid 2017 First Quantum Minerals Ltd. (“FQM”) optioned the early stage 110,000 hectare Southwest Cork sediment‐hosted copper project in Ireland from Altius' 80% owned Irish subsidiary (“AEL”). As of May 2019 FQM continues to explore the project after making cash payments of $75k to date and spending in excess of US$250,000. FQM has the option to earn up to 75% of the project by conducting US$6,000,000 in exploration work and making staged cash payments of $300,000 over 7 years. FQM will have the additional option to earn up to a 90% interest by reporting a “Decision to Mine” and making a US$500,000 payment to AEL.
Altius will directly retain a 2% NSR royalty on the project.
Limited historic drilling, undertaken by previous operators exploring predominantly for barite, reported intersections of up to 6.1 m of 1.7% Cu. Subsequent work by AEL identified widespread mineralization and alteration styles that are suggestive of a previously unrecognized sediment hosted copper mineralizing system. Work is underway along an 85 kilometre long prospective zone to refine targets for follow up.