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First Quantum unit drops option on Peruvian Metals' Panteria copper-gold project

First Quantum Minerals Ltd. unit Minera Antares Peru SAC decided to terminate its option agreement with Peruvian Metals Corp. on the Panteria copper-gold project in Peru.

Peruvian Metals President and CEO Jeffrey Reeder said that even though exploration on the project did not meet expectations, the work completed identified significant gold and silver targets that warrant further exploration.

The company said May 22 that it will begin discussions to identify new partners to continue exploration on the project and plans to access four main mineralized zones, with emphasis on the Renaldo zone.

Peruvian Metals optioned Panteria to the wholly owned subsidiary of First Quantum in March 2016.