West Cork Copper Project (Ireland)
In March 2017 First Quantum Minerals Ltd. (“FQM”) executed a Letter of Intent with an 80% owned Irish subsidiary of Altius (“AEL”) to explore and develop the early stage 110,000 hectare Southwest Cork sediment‐hosted copper project in Ireland.
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.
Under the Letter of Intent FQM will make an initial cash payment of US$25,000 and has committed to spend US$250,00 on a reconnaissance work program by August 2017. FQM will have an option until December 2017 to enter an earn‐in/joint venture agreement whereby it may 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.