The company expects to commence early field exploration activities in August and finalization of the Uchucarcco agreement is anticipated to increase community investment costs in the second half of 2022
Hudbay signs Exploration Agreement for Maria Reyna and Caballito Satellite Properties. (Credit: Khusen Rustamov from Pixabay)
Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today announced the Uchucarcco community has formally approved an exploration agreement with Hudbay granting surface rights to the Maria Reyna and Caballito satellite properties located near Hudbay’s Constancia mine in Peru, as shown in Figure 1. These satellite properties consist of a large, contiguous block of mineral rights held by Hudbay and have the potential to host mineral deposits within trucking distance of the Constancia processing facilities.
“We are very pleased to have reached an exploration agreement with the Uchucarcco community on these highly prospective properties,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “Historic drilling at Maria Reyna indicates attractive grades over wide intersections starting at surface and the past-producing Caballito property has the potential to add higher grade copper mineralization to our Constancia operations. This exploration agreement demonstrates our commitment to partnering with the local communities and we look forward to continuing to work harmoniously with the communities to add value to our long-life operation in Peru.”
The company expects to commence early field exploration activities in August and finalization of the Uchucarcco agreement is anticipated to increase community investment costs in the second half of 2022. Hudbay’s planned exploration programs at Maria Reyna and Caballito have been prepared using information from the company’s geophysics surveys in the region, as shown in Figure 2, and the historical drill intersections at Maria Reyna, as shown in Table 1.
Source: Company Press Release