West Melville Metals Inc. (TSXV:WMM) has entered into an option agreement with Quirina Vasquez Vargas securing exclusive option for the 100% acquisition of the Alex Copper Property in Sonora, Mexico. West Melville has until May 31, 2014 to conduct due diligence following which it can secure a 100% interest in the property by paying USD$25,000 and issuing 250,000 shares in the capital stock to the Quirina Vasquez Vargas. Quirina Vasquez Vargas will retain a 2% Gross Royalty on Alex Copper, subject to West Melville’s right to purchase 1% of the Royalty at any time for USD$1 million.
According to Dr. Rory Moore, President and CEO of West Melville Metals:
The Alex Property is an early stage project with intriguing potential that represents an exciting low cost opportunity for West Melville. Evidence of copper mineralization covering an area of at least 1,200 x 800 metres has been identified by outcrop and shallow pit sampling, with assays ranging up to 14% copper reported. The region of southern Arizona and northern Mexico is well known for the occurrence of large porphyry copper deposits, a number of which have been developed into world-class copper mines. In the context of the regional geological setting, the identification of potentially significant copper mineralization on the Alex Property makes this a compelling exploration target for West Melville. A due diligence site visit will be undertaken by management in the coming weeks.