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Coppercorp Property acquired
09.04.2002
Amerigo has signed a Letter of Intent to acquire a 100% interest in the Coppercorp property, approximately 80 kilometres north of Sault Ste. Marie, Ontario, from a group of three prospectors. The property consists of 202 claim units in 23 claims and includes the past producing Coppercorp mine. The target of exploration on the property is iron oxidecopper-gold (IOCG) mineralization of the Olympic Dam-type.
At the Coppercorp mine site, mineralization is hosted by quartz veins that occur in faultrelated breccias commonly cemented by iron oxide. Chlorite and sericite alteration occurs in the wallrock to the veins. Copper sulphides, dominantly chalcocite with lesser chalcopyrite and bornite, are usually accompanied by specular hematite.
In order to earn the 100% interest, Amerigo has agreed, subject to TSX Venture Exchange approval, to:
- Pay $30,000 cash and issue 200,000 common shares on approval of an option
agreement, - Issue a further 400,000 common shares and pay a further $70,000 cash over 4 years,
provided that, Amerigo may at its option, issue shares of equivalent value in lieu of cash
for all but the initial cash payment, - Spend $200,000 on exploration over 4 years, and
- Provide the prospectors with a net smelter return royalty of 3% from any future
production from the property. Amerigo retains an option to buy back 1.5% of the royalty
for $1,500,000.00.
For further information, please contact:
Roger Moss, President, Tel: (416) 516-6050 E-Mail: roger.moss@sympatico.ca
Ian E. Gallie, Director, Tel: (250) 598-9091 E-Mail: gallie@horizon.bc.ca
or visit our website at: www.amerigoresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.