"Initial license “Primavera” transferred from Xstrata Do Brasil Exploração Mineral Ltda, (“Glencore Xstrata”) to Voyager Resources Limited.
Primavera is a large 10,000ha license located in the southeast part of the Eastern Block previously held by Glencore Xstrata. Primavera is located within close proximity to the Sossego mine 150 million tonnes at 0.79% Copper, 0.23 g/t Gold mine, and the Salobo mine 1.12 billion tonnes at 0.72% Copper, 0.38 g/t Gold*.
Pursuant to the Strategic Alliance Agreement with Avanco Resources Limited, (“Avanco”), the Company will now issue 30,000,000 Voyager shares to Avanco.
Voyager’s Ongoing Opportunity in Brazil Voyager Resources Limited (“the Company” or “Voyager”) recently signed an agreement with Xstrata Do Brasil Exploração Mineral Ltda, a subsidiary of Glencore Xstrata plc, one of the world’s largest natural resource companies, to transfer part of the rights to Glencore Xstrata’s Eastern Block claims (“Area of Interest”) in the copper rich region of the Carajas (Figure 1) to Voyager
The property portfolio of the Area of Interest (Figure 2), in the agreement included seven (7) granted permits, and a further seventeen (17) applications which the Company will look to transfer to Voyager once the licenses have been granted by the Brazilian National Department of Mineral Production (“the DNPM”). Of the seven granted permits, Primavera is the first license transferred to the Company. Primavera is a large 10,000ha license located in the southeast part of the Eastern Block previously held by Glencore Xstrata. Additional licenses are currently targeted for transfer in the coming months. In consideration for these rights and for the transfer of licenses to Voyager, the Company has agreed to commence a mineral exploration program within the Area of Interest, for the minimum amount of US$1,000,000 within two years. Work is expected to commence on Primavera in the fourth quarter of 2013. Strategic Alliance with Avanco Resources Limited The Company entered a Strategic Alliance with both Avanco and FFA Legal LTDA (“FFA Legal”) at the time of signing the agreement with Glencore Xstrata. Avanco is a company long established in exploration activities in the Carajas region of Brazil and is an existing partner of Glencore Xstrata. FFA Legal is a Brazilian law firm assisting in the transfer of the licenses to the Company. Avanco recently agreed terms for AU$70M of financing which is primarily targeted to develop it’s Antas North copper deposit, (Figure 2). Avanco currently owns an extensive and highly prospective exploration portfolio in the Carajas. As a result of Primavera having successfully being transferred to Voyager, the Company will issue 20,000,000 shares to FFA Legal and 30,000,000 shares to Avanco resulting in Avanco holding approximately 2% of the Company’s shares. These shares will be held in escrow for a period of 12 months from the date of issue.
Glencore Xstrata’s Recent History in the Carajas Voyager is the third company Glencore Xstrata has engaged a partnership within the Carajas region. In March 2012, a partnership with Glencore Xstrata and Avanco was formed to continue exploration on the Canaa Block of properties in South-East Carajas. Also, in January 2013, a partnership with Glencore Xstrata and Codelco, the National Copper Corporation of Chile, was formed to continue exploration on a block of properties in Western Carajas. The Area of Interest, which has yet to be explored in any great detail, is located within close proximity to a large number of copper discoveries by the global mining company Vale, such as the 1.12 billion tonnes at 0.72% Copper, 0.38 g/t Gold mine, the Sossego 150 million tonnes at 0.79% Copper 0.23 g/t Gold mine, and the recent Paulo Afonso discovery* (Figure 2). Given the close proximity of Primavera and the additional licenses and claims to worldclass mines, this presents a truly exciting opportunity for the Company and provides further world-class exposure to copper."
News was exciting back then, hence why I started to invest so heavily.
Their projects were good. And once they have finances in order and they can kick off exploration, the tide should change, shouldn't it?
VAL Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
