QRS Capital (QRS.V) announced on November 1st they have signed a Letter Of Intent to acquire the Aurum Copper Project in Chile, only 12 kilometres from Teck’s (NYSE:TCK, TCK.B.TO) El Relincho CuMo-deposit which contains 9B lbs of copper.
The Aurum property contains a non-NI43 compliant resource estimate of 20Mt of oxidized ore with an average copper content of 1%. These oxide resources could be used as a source of early cash flow later on, as a heap leach project is quite straightforward to execute.
Last week’s news release hinted at Aurum and San Felix to be QRS’ flagship projects, and the company is trying to close Joint Venture-deals or partnership agreements with other companies on the Las Leddas Project in Chile and the Judith Silver Project in Mexico. QRS tried to re-negotiate the agreement with the vendors of the Vista Hermosa Project, but no agreement could be reached and all negotiations have been put on hold for now.
We are looking forward to see the conclusion of the due diligence on the Aurum Project, and are happy the company decided to focus on copper projects in Chile.
Press release 1: Letter Of Intent to acquire Aurum Copper Project
Press release 2: Corporate Update
Disclosure: The author holds a long position in QRS Capital Corp. Please see our disclaimer for current positions.
