Tue | Jul 16, 2019

Carube gold miner sells six licences in Jamaica

Published:Wednesday | June 26, 2019 | 12:22 AMSteven Jackson/Senior Business Reporter

Carube Copper Corporation has sold the exploration rights for six of 11 lots it holds in Jamaica, but will continue to prospect for copper and gold in the Main Ridge and other blocks for which it holds permits.

The Canadian company sold the six lots to Geophysx Jamaica Limited in a US$210,000 deal that is expected to close on June 30.

“Completing the transaction will provide the company with additional cash to continue the exploration development of the company’s highly prospective Main Ridge and Bellas Gate exploration projects and aid in the global search for advanced-stage copper-gold assets,” said Stephen Hughes, CEO of Carube.

Geophysx Jamaica is a privately held mineral exploration company registered in St Lucia and active since 2017. Managing Director Robert Stewart told the Financial Gleaner on Tuesday that the company holds 18 licences in Jamaica, all of which it intends to explore. Its other named director is David Severight.

The services provided by Geophysx, which employs a team of about 30, include diamond core drilling, exploration and mapping, operational safety, geochemistry, electromagnetic and magnetic surveying techniques, and drone operations.

Stewart said his company just acquired a diamond drill and would start prospecting in October.

The licences sold by Carube contain early-stage copper-gold exploration prospects within the Belvedere, Mount Royal, Mount Ogle, Berkshire Hall, Windsor Castle and the Shirley Castle areas, the Canadian company said in a market filing.

Under the terms of the agreement, Geophysx will pay US$5,000 to Carube on signing of the agreement and the balance of US$205,000 on the transfer of the title. Carube retains the rights to its remaining special exclusive prospective licences or SEPLs.

Carube currently holds a portfolio of assets in Jamaica valued at US$14 million. The 11 licences cover 535 square kilometres of highly prospective copper-gold terrain in Jamaica.

In Canada, the company holds 100 per cent interest in three porphyry copper-gold properties covering 492 square kilometres within the Cascade Magmatic Arc in southwestern British Columbia.

In recent months, Carube made new gold and copper finds in Jamaica and continues to make plans to drill for the metals. Its main area of success lies within the soil and rocks of the Main Ridge project spanning 30 square kilometres in central Jamaica.

Carube also said it found new gold discoveries in Donkey Hill and Mango Valley, and that the soils returned up to 2.5 grammes per ton or g/t of gold. The find extends for 5.5 kilometres away from the Pennants gold mine held by gold miner AusJam, which shut down in 2004 because of low productivity.

steven.jackson@gleanerjm.com