Geo Minerals Commences Work Programs With Inmet at Red Hills and Middle Mountain, Arizona
VANCOUVER, BRITISH COLUMBIA, Feb 10, 2010 (MARKETWIRE via COMTEX News Network) --
GEO MINERALS LTD. (TSX VENTURE: GM) ("GEO" or the "Company") reports Inmet Mining Corp. (IMN-TSX) has approved first phase work programs for both the Red Hills and Middle Mountain properties in Arizona. Permitting has begun, with work on the ground expected to commence later in the month.
As announced November 17, 2009, Geo Minerals Ltd. entered into two separate option agreements with Inmet Mining Corp. to explore Geo's porphyry copper projects located in the Arizona porphyry copper province. Inmet has the option to earn a 70-per-cent interest in Geo's Red Hills property and a 70-per-cent interest in Geo's Middle Mountain property by making cumulative cash payments of $675,000 and exploration expenditures of $2-million over five years on each of the projects. Geo Minerals holds its interest in the projects under mining lease and option agreements with Bronco Creek Exploration Inc., a US subsidiary of Eurasian Minerals Inc. Bronco Creek Exploration Inc. will act as manager for both projects for this first work program.
The projects lie within a broad belt of porphyry-copper mineralization including operating mines that stretch from the Globe-Miami district westward through Resolution, Ray, and Florence. Drilling at Middle Mountain in 2009 intersected intervals of intense alteration, with zonation consistent with a structural model of a hydrothermal system as dismembered and rotated approximately 90 degrees. At Red Hills, drilling in 2009 included an intersection of exotic copper oxide mineralization (see Geo news releases, Jan. 8 and Nov. 17, 2009). The 2010 programs will include surface mapping and geophysical surveys over both properties with the objective to resolve the subsurface structure as it relates to surface exposures.
The technical contents of this release were approved by Dr. Tom McCandless, Technical Advisor to Geo Minerals and qualified person as defined by National Instrument 43-101.
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