Alta Vista Ventures (CVE:AVV) said Wednesday that after its optionee, Tosca Mining, recently released the results of follow-up work at their Carol project in Mexico, the two companies are now planning the next phase of exploration, which is anticipated to begin at the end of March.
The Carol project sits 5 km northeast of the producing Piedras Verdes mine, Mexico's third largest copper producer at more than 70 million pounds per year.
The company also told investors that as a result of its continued presence in Hermosillo, it has signed a finder's fee agreement with a private foreign entity to help in its search for advanced projects in western Mexico.
If expenditures and field visits should be required during this process, those costs will be covered, and should a deal be completed on a project found by Alta Vista, a success fee based on the purchase/option of the project will be payable to the company, it said.
Alta Vista, in common with other explorers, identifies and acquires properties that it feels exhibit high potential, and then compiles data and performs first pass confirmatory exploration, advancing its assets – ideally to drill-ready stage. From here, it deviates from the common path of junior explorers by bringing in a partner that earns an interest in the project by providing funding for further exploration.
The company said Wednesday it continues to seek partners for its projects, with confidentiality agreements signed and tours conducted with a number of companies over the last couple of months.
Separately, Alta Vista said that Lindsay Bottomer has resigned from its board of directors, citing no reason for the departure.