QRS Capital acquires San Felix Project under option agreement

2 August 2012 (Last Updated August 2nd, 2012 18:30)

QRS Capital Corp has entered into an option agreement to acquire a 100% stake in the San Felix Project located in Chile for an undisclosed sum.

QRS Capital Corp has entered into an option agreement to acquire a 100% stake in the San Felix Project located in Chile for an undisclosed sum.

The San Felix Project is a 2,435ha copper (oxide), silver and gold mineralised property at the south-western extension of the El Indio Mineral Belt consisting of 24 mining concessions, which lie between 2,500 and 3,900m above sea level.

QRS Capital Corp president Diego Benalcazar said that the San Felix project has demonstrated significant copper grades from the company's sampling programme and this, combined with the magnetometry work to date, enables further exploration of the property.

"The geological model and the multiple zones of mineralisation encountered in San Felix combined with the size of the land package provide sufficient opportunities to define significant discoveries," Benalcazar added.

The concessions were acquired in a two step process, wherein 13 concessions with a total area of 1285ha had been optioned initially from Felix Gallardo under an option agreement.

The second set of concessions rights has been purchased from Inversiones y Asesorias Limitada, where 11 concessions of 1,100ha were traded for 100,000 common shares of the company.

As part of the technical due diligence, QRS conducted a rock sampling program, regional geological and structural mapping, and partial magnetometric survey of the main trend of the mineralisation.