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Variscan secures option over Rosario copper project in Chile

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Variscan secures option over Rosario copper project in Chile

Variscan Mines Ltd. secured a binding option to acquire the Rosario copper project in northern Chile's Atacama region.

The company paid US$20,000 for a six-month exclusive period for the option, which includes additional projects that the vendor is expected to acquire shorty.

A payment of US$80,000 will be due on exercise of the option, and a further up to US$5 million for the acquisition, according to the Dec. 18 release.

Variscan will now conduct due diligence on the project and may accelerate additional exploration work during the option term, it noted.