Savant Explorations Ltd.
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) has initiated a copper exploration and discovery strategy in the Southwest United States, which contains some of the premier copper districts in the world.
As the first step to this strategy, Savant, through its wholly owned U.S. subsidiary Keystone Mines Inc., has successfully negotiated three earn-in agreements with Eurasian Minerals Inc.
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) through its wholly owned subsidiary Bronco Creek Exploration Inc. (BCE) for three high-quality properties.
According to the Savant Exploration press release
, under the terms of the agreements, Savant may earn up to a 100% interest in each of the Jasper Canyon, Buckhorn and Frazier Creek copper porphyry properties, through a two stage earn-in over a maximum 10 year period, subject to certain royalties retained by BCE.
The first year work commitments and cash payments required for all three properties is less than $250,000 and will be easily funded from Savant's current working capital, which includes a recently received tax refund of $304,000.
The Buckhorn Creek property contains a newly identified porphyry copper prospect located approximately 25 kilometres east-northeast of Wickenburg, Arizona. The property is 1,637 hectares in size consisting of 155 lode claims and one state exploration permit largely covered by post mineralization volcanic rocks.
The Jasper Canyon property consists of 163 lode mineral claims covering a 1,276 hectare area located about eight kilometres northwest of Globe, Arizona and approximately 110 kilometres east of Phoenix. Savant's technical team believes there is potential to discover either an enriched porphyry copper deposit beneath shallow post mineralization cover rocks or a more deeply buried porphyry copper deposit with high-grade primary sulphide (hypogene) copper grades similar to those found at the nearby Resolution and Ray deposits.
The Frazier Creek property consists of 71 lode claims covering 570 hectares, located approximately 40 kilometres north of the town of Eureka Nevada. The property covers moderately to intensely silicified and hydrothermally dolomitized Devonian limestone.
Over the next several months, Savant plans on conducting detailed geological mapping, grid-based geochemical sampling and preliminary geophysical assessment on all three properties in order to prioritize areas for subsequent detailed geophysical surveying and drill testing.
Savant is an exploration and development stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions
On Wednesday, Savant soared 75% and was trading at $0.035 a share. The company had a market cap of $2.1 million, based on 59.4 million shares outstanding.