We are conducting grassroots, or greenfield, exploration in the Flin Flon Greenstone Belt (FFGB), as well as in Peru, Chile and Colombia. We are also looking for partnerships and or acquisitions of medium- to advanced-stage exploration projects.
Flin Flon Greenstone Belt
Hudbay holds mineral rights to a large land package of approximately 400,000 hectares in the FFGB of Manitoba and Saskatchewan. Thanks to the innovative application of modern geophysics, we are now able to explore deep below the limestone-covered part of the FFGB. To date, airborne electromagnetic surveys have identified over 2,000 anomalies that we have been testing on an ongoing basis, including targets located near our Flin Flon operations.
We also partner with junior mining companies to broaden our exploration reach. For example, Hudbay has a 70% joint venture interest in the Reed copper project with VMS Ventures Inc., who holds the remaining 30%.
View Hudbay discoveries in the Greenstone Belt
We opened an office in Cartagena to coordinate exploration in Colombia, which is considered to have the best gold mining potential in South America. In 2011, we made a $2.45 million investment to obtain a 15.4% interest in CuOro Resources Corp. The funds will be used for the exploration of CuOro’s 1,287-hectare Santa Elena property in the gold and copper rich Antioquia district. We also have an interest in another junior mining company, Waymar Resources, which is exploring VMS mineralization at the Anzá project in the Antioquia district. We signed an option agreement to fully own four exploration concessions, or approximately 6,000 hectares, including outstanding gold exploration targets, in South Bolivar.
Attracted by outstanding recent gold and copper discoveries in Chile as well as good infrastructure and political stability, we have opened an office in Santiago. We are compiling geological data on the extent of copper mineralization at San Antonio. We are also reviewing several exploration opportunities and are close to signing various option agreements with local owners in the area.