EAST TINTIC DISTRICT, Utah, April 13, 2021 (GLOBE NEWSWIRE) -- Tintic Consolidated Metals LLC (“TCM” or the “Company”) is pleased to announce it is actively seeking a strategic partner to carry out large-scale Porphyry Copper Exploration and Development in the East Tintic District of Utah, which features:
- High-sulfidation precious-and base-metal deposits with significant historic production
- Carbonate replacement and vein deposits
- Analogous geology to Superior (Arizona) District before discovery of Resolution porphyry deposit
- Known porphyry-style mineralization (Big Hill, SW Tintic)
- Major consolidated land position
- Mining investment-friendly jurisdiction
Tintic Consolidated Metals LLC is seeking a strategic partner to earn-in to a joint venture for the exploration and development of a copper porphyry within TCM’s extensive land package in the Tintic District of Utah. The Company has engaged Richard Leveille, the former President of Freeport McMoran Exploration Corporation, to lead and advise on this porphyry copper exploration process.
The process involves the execution of a confidentiality agreement, whereupon interested parties are given access to the Porphyry Copper Deposit (“PCD”) data base as well as an opportunity for a site visit. Extensive historical and modern mining and exploration data has been compiled and is available in a digital database as well as on site. TCM will proceed with best offer built around earn-in joint venture deal terms.
The indicative timeline requires offers to be received on or before June 1, 2021. In the event that offers acceptable to the members of TCM are presented, TCM will award the Earn-in JV to the best offer by June 30, 2021, with a view to finalizing a definitive agreement by July 30th, 2021. TCM may modify this indicative timeline at its sole discretion.
Several major mining groups have already shown an interest in reviewing the opportunity. Any company interested in receiving the teaser document should contact Stephanie Ashton, VP of Business Development at sashton@igglobalgroup.com.
About Tintic Consolidated Metals LLC
TCM is a private US based mining company whose assets are located in the historic East Tintic Mining District of Utah. TCM is a Joint Venture between IG Tintic LLC (IGT), the 75% owner and manager, and Chief Consolidated Mining Co. (Chief), which owns 25%. Over the past 100 years, Chief consolidated numerous small mining claims into a single large package of surface and mineral rights. TCM holds nearly 14,000 acres of patented mineral rights within this package, including 7,000 acres of surface rights and numerous legacy assets, including existing mines with over 20 miles of underground workings, thousands of pages of historic data and multiple facilities. Two of these existing mines are fully permitted and have approved reclamation plans and accompanying cash bonds. TCM has set an aggressive goal of re-opening one of its legacy mines every three years. The Eureka Standard mine is currently being evaluated as the next legacy mine for re-development. In addition, TCM is investigating the potential for a deep copper-gold porphyry deposit in the district. For more information, visit www.tinticmetals.com.
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that TCM’s management considered appropriate and reasonable as of the date such statements are made, and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact included herein are forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
For more information on TCM, visit www.tinticmetals.com, Email: info@tinticmetals.com
For Information on Porphyry Copper Opportunity contact: Stephanie Ashton, VP Business Development, sashton@igglobalgroup.com