Altiplano Minerals has signed a heads of agreement (HoA) with Comet Exploration to form a joint venture (JV) for two copper and gold projects within 100km of La Serena town of Chile, with potential for further collaborations.

An Australian mining exploration and development company, Comet specialises in base metal and gold projects in Chile.

Under the HoA, Altiplano Minerals can earn up to 50% interest in this JV by funding an aggregate of $2m by 31 May.

According to the HoA, both companies must sign a JV agreement by 10 February this year that will devise the governance of this venture.

It is expected that a JV committee would be formed, which would consist of two members from both companies. Both projects are close to paved highways, power and infrastructure.

In the initial stage, the JV will focus on the Farellon Project that has three narrow high-grade copper-gold (Cu-Au) veins with vast near-surface underground developments.

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"The Farellon and other veins are situated in the north-east-south-west structures within Cretaceous granites."

The JV will be constructing a 500m exploration fall nearly 50m below the existing workings in the footwall from the middle of this month. It will also perform diamond drilling from the exploration decline to drill 150 holes through the 500m strike length of the decline.

This diamond drilling will help analyse the mineral resources.

The Farellon and other veins are situated in the north-east-south-west structures within Cretaceous granites.

After the start of work at Farellon project, the JV will perform similar exploration activities at the Maria Luisa Project.

Expected to start in May, the JV will conduct an exploration drive nearly 50m from the existing working.

The exploration drive will help subsequent drilling at the site through the Cu-Au vein system and analyse the recoverable resources.

The agreement is subject to multiple conditions that include the signing of formal joint venture agreement and TSX Venture Exchange approval.