Canadian junior Super Copper (CSE: CUPR, OTCQB: CUPPF) has struck a deal to acquire 100% of the Castilla copper project in Chile, locking down a 5,800-hectare land package near the historic Manto Negro mine for $100,000 upfront.
The total price tag is $1.3 million, but the bulk of that will only be paid if key milestones are hit, including a discovery through drilling, a preliminary economic assessment with a net present value of at least $50 million, and a first commercial sale.
The milestone-based payments are structured at $50,000, $150,000, and $1 million, respectively.
Chief executive Zachary Dolesky said the acquisition was a true risk-reward play, “[We’re securing] a copper-oxide trend for a small upfront fee with all future payments tied to genuine discovery and development milestones,” he said.
The Castilla property lies in Chile’s mining-rich Atacama region and includes 20…
