These concessions, known as Crucero and Loriscota, cover 37,400 hectares of land and are underlain by young volcanic rocks with numerous hot springs and other promising indicators of large geothermal systems.
Magma said it will conduct geological, geochemical and geophysical work during 2011 to advance each concession’s potential for geothermal power production.
The company expects to receive additional Peruvian geothermal concessions during the year.
Magma chief geologist and vice president of exploration Catherine Hickson said that Peru has promising geology for world-class geothermal systems and the company can replicate in Peru the success it has experienced to date in its Chilean projects.
