With the acquisition of Latin America Resource Group (LARG) Carube Copper now controls the Jasperoide Copper Gold Skarn property in Southern Peru. The project area covers 5700 hectares and is located in the highly prospective Andahuaylas-Yauri belt of Peru, an emerging porphyry copper province that is host to several producing mining projects. The Jasperoide Project is located approximately 50km east of Minmetal's Las Bambas mine (1.2BT @ 0.61% Cu, 197 ppm Mo1) and First Quantum Minerals undeveloped Haquira deposit (569 MT @ 0.56% Cu2), 40km northwest of Hudbay's Constancia mine (534MT @ 0.31% Cu, 0.059g/t Au, 97ppm Mo3) and 100km northwest of Glencore's Antapaccay mine (592MT @ 0.45% Cu, 0.09 g/t Au4). Historic exploration activities at the Jasperoide Project focussed on an outcropping and mineralized copper-gold skarn that shows similar features to Las Bambas and other skarn/porphyry copper-gold deposits such as Ertsberg/Grasberg (Indonesia) in respect of geologic setting and mineralization styles. Peru is considered “Elephant Country” for Copper and Gold deposits and is ranked 2nd in global copper production, 2nd in global copper reserves and 5th for global mining investment. Copper mining contributes 12% to the GDP and 60% to Export Revenue.
1 MMG Limited Mineral Resources and Ore Reserves Statement 30 June 2019
2 First Quantum Minerals Annual Information Form 2019
3 Hudbay Mineral Reserves as of January 1, 2019
4 Glencore Mineral Reserve Estimates December 31, 2018