Vancouver-based Canadian Darien Resource Development Resource Development, which is about to change its name to New Energy Metals, recently announced that it will reach an agreement with Chile's Artemis Mine to acquire a 100 percent stake in the Cristal mining project in northern Chile.
Peru mainly imports most of the large porphyry copper mines from Chile, including porphyry copper mines such as Escondida, Collahuasi, Ujina and Quebrada Blanca. The development and establishment of the mine can provide Peru with more porphyry resources instead of imports.
The mine borders Peru, and in the northwestern part of the project area, Peru's geological fault system has a porphyry copper deposit similar to northern Chile. According to Darien, "natural geological faults intersect near the Cristal site and provide a very favorable geological environment for buried porphyry deposits".
The first step Darien will take is to continue exploring the local exploration activities conducted by BHP Billiton from 2012 to 2014. "The measured data show a weak magnetism in this area that suggests that there may be a large amount of porphyry copper deposits buried here," the company explained in a media statement.
Grant Ewing, President and CEO of Darien, said in a press release, "Because of the unique geography in which the mine is located, the Cristal project has great potential to create a large porphyry copper supply base. The company is now well-capitalized to begin exploring this project and continues to pursue strategic commodities and other attractive opportunities. Darien also intends to pay further attention to other project opportunities in the Chilean mining industry in the future."
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