Dunnedin Ventures Inc (CVE:DVI) (OTCMKTS:OCPFF) has closed its acquisition of the Mohave copper-moly-silver project in Arizona, potentially opening the door to the company finding a large porphyry style deposit there.
The group first announced the Mohave letter of intent in March this year. The seller is Bluestone Resources Inc, which has carried out considerable exploration.
The 10 sq km property lies in the prolific mineral producing Basin and Range Province of Arizona, 33km west of Freeport McMoran's Bagdad copper porphyry mine. It is also ideally situated just west of Highway 93 which links Las Vegas and Phoenix.
"We are thrilled to close this acquisition which expands Dunnedin's copper portfolio to three advanced stage porphyry projects in North America," said Claudia Tornquist, president and CEO of Dunnedin on Wednesday.
"At Mohave we will benefit from the excellent work done by the previous operator Bluestone from whom we inherited a comprehensive suite of high-quality exploration data. In 2011 Bluestone drilled 11 core holes and reported anomalous mineralization over significant intervals in all holes."
Tornquist noted that work to date "strongly indicates" the presence of a large system of porphyry style Copper-Moly- Silver mineralization and the firm now has a number of promising targets to follow-up on in the fall, after the group completes the summer exploration programs on its Canadian porphyry projects - MPD and Trapper.
At Mohave, Bluestone has reported favorable mineralization at surface to depths of 390 meters from the first drill program in over 20 years, which was 3,500 m in 11 inclined holes in 2011.
Bluestone's work also included ground geophysics, rock and soil geochemical samples, along with detailed lithological-structural-alteration mapping.
Dunnedin said Wednesday that this year's exploration program at the Arizona project will evaluate historically defined targets, coincident geophysical/geochemical signatures and in particular, numerous anomalies not yet tested by previous drilling.
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