Under the terms of the agreements, AXG will spend up to A$10.50m ($10.81m) and make cash / share payments of A$1.80m ($1.85m) to earn up to 75% of the Condoroma and Coporaque Projects thorough a two stage farm in.
AXG Mining will begin its maiden drill campaign at Condoroma and Coporaque commencing in April / May 2012.
Multiple drill ready targets have been defined at the prospects following recent reconnaissance exploration, reports Proactive Investors.
The projects are located adjacent to existing mining operations, which could provide a treatment option in the event of future project developments.
The Andahualyas Yauri mine field also hosts mines like Tintaya, Las Bambas, Antapaccay, Constancia, Haquria and Quechua project.
This field currently hosts more tha four billion tons of inferred and indicated resources.
