Optioned to Solaris Resources
The Capricho property in Peru is a 3,768 hectare claim with a porphyry copper target. Pucara has an option agreement on the property with Lowell Copper S.A a wholly owned subsidiary of Solaris Resources (TSX:SLS.V), where Solaris has the option to earn 75% interest over three stages. Recent exploration work on the property has uncovered porphyry mineralization in stockworks and altered intrusive rocks. The property contains enrichment zones of up to 3% copper. Solaris has planned community engagement, sampling, mapping, and geophysics in order to define drill-ready targets.
The option with Solaris gives the company the right to earn up to 75% interest in the Capricho property. Solaris must obtain all necessary agreements and permits for drilling and spend US$5 million during the first three years for interest of 51%. The remaining 24% interest will be granted when Solaris spends US$11.5 million over the next four years, solely funding a Pre-Feasibility Study on the property. Additionally, they will pay Pucara US$0.5 million.