American CuMo Mining Corporation has signed an agreement to earn 100% interest in eight unpatented mining claims in the Calida Mine Property, Idaho, US.
Calida Mine Property is located in south-eastern Idaho.
American CuMo Mining president and CEO Shaun Dykes said: “We are extremely pleased to add the Calida Mine Property to our portfolio. This is a highly prospective gold, silver and copper property that has significant historic drill results and has the potential of being developed in a relatively short period.”
The Calida claims comprise several significant mineralised gold, silver and copper veins, ranging from 1.5m to more than 30m with exposure on the surface for nearly 4,267m.
According to the agreement, American CuMo receives a ten year option to earn 100% interest by making an initial payment of $40,000 followed by a series of payments every six months.
American CuMo also needs to pay $1m at start of commercial production.
The property has been extensively surveyed and explored for the last 30 years. Exploration included drilling, trenching and sampling processes.
In 2009, an independent resource calculation stated that the property carries a resource of 8,059,304t at grading of 0.168oz gold/tonne, 6.12oz silver/tonne and 2.86% of copper.