Sat | Aug 19, 2017

Jamaica government approves transfer of licences to Canadian exploration company

Published:Wednesday | April 19, 2017 | 4:00 AM

The Canadian-based exploration company, Carube Copper has now received the official transfer documents from the Ministry of Transport and Mining in Jamaica for seven special exploration and prospecting licences previously held by the Australian mining company OZ Minerals.

As a result, Carube Copper now has 100 per cent ownership of 11 licenses covering 535 square kilometres in the island.

"Now that the licences are 100 per cent in the company's name, we can move forward with aggressive exploration programmes on our flagship Bellas Gate project and the newly-acquired highly prospective licenses. Armed with the Can$14 million exploration data package from OZ Minerals as well as our recently closed Can$1.6 million financing, we plan to start our programmes immediately," said Jeff Ackert, President and CEO of Carube Copper.

He added that Jamaica is a highly favourable, stable jurisdiction for exploration and mining with strong support from Ministry of Transport and Mining, as well as the Commissioner of Mines and Geology.

The company says Jamaica's cretaceous aged inliers host numerous copper and gold porphyry occurrences. And to date seven porphyry centres have been identified at the Bellas Gate project in the central parish of St. Catherine.

"Many identified prospective areas on all licences have yet to be drill tested. Drill results have indicated strong and consistent mineralization in well altered porphyry style sequences," Ackert said.

Last year, Oz Minerals announced its withdrawal from Jamaica after three years of exploration activities.

The Australian company's operations included five wholly-owned tenements at Bellas Gate and the Rodinia in the eastern parish of Portland.

Chief Executive Officer of Oz, Andrew Coles then said the company had decided to quit its operations here because the mineral deposits it discovered were not satisfactory.

CMC