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Chilean Metals consolidates Bass River copper-gold project area

Chilean Metals Inc. said May 10 that it secured an option from Elk Exploration Ltd. for three licenses that represent the balance of land it did not hold within the Bass River copper-gold project area in Nova Scotia.

Chilean Metals is making several small cash payments and committed to at least C$500,000 of exploration expenditures over three years. Elk Exploration will have a 10% free carried interest and a 1% net smelter return royalty in the licenses, which Chilean Metals can buy for C$500,000 and C$250,000, respectively, in cash or shares.