Atalaya Mining plc signed an option to acquire a private company, EGC, which owns 122.7 square kilometers of exploration concessions immediately surrounding its Touro copper project in northwestern Spain.
The option is valid for 2.5 years and the financial terms of the deal are confidential, according to the June 5 release.
The current owners will retain a royalty on new discoveries at the concessions and have granted Atalaya a royalty buyback option at agreed terms.
Meanwhile, metallurgical test work at Proyecto Touro demonstrated the possibility of high-grade clean concentrates and high recovery rates.
CEO Alberto Lavandeira said the company plans to soon start exploring the new concessions.