Altair Minerals Limited (ASX: ALR) has announced the proposed acquisition of the Venatica Copper Project in Peru, If completed, this transaction would position the company within one of the world’s most prolific copper-producing regions. Located just 60km from Monger Gold’s (ASX:MMG) Las Bambas Mine, which is responsible for 2% of the world’s copper supply. Venatica shares key geological characteristics with some of the region’s largest copper deposits.
With a 337km² landholding and extensive porphyry targets, Venatica offers Altair a strategic opportunity to explore a Tier-1 copper system in a district that has attracted major mining players such as Glencore and Hudbay.
CEO Sees Tier-1 Potential
“We are thrilled to announce the acquisition of the Venatica Project, an extraordinary exploration opportunity located in the heart of Peru’s Andahuaylas-Yauri Porphyry Belt,” said Altair CEO Faheem Ahmed.
“This acquisition represents a significant step forward in our strategy to build a portfolio of high-quality assets with Tier-1 discovery potential. Importantly, it was secured on extremely favourable terms, enabling us to maximise value for shareholders.”
Venatica stands out for its extensive copper mineralization, with outcrop samples returning grades of up to 9.5% copper, accompanied by silver, gold, and molybdenum. The two main porphyry targets, Irka NE and Irka SW, span over 10km² combined and remain open in all directions.
A Large-Scale Copper Discovery in the Making
The highly prospective Venatica asset incorporates:
- District-scale landholding: 337km² covering 34 claims in a proven copper belt.
- Multiple large targets: Over 16km² of porphyry systems with high-grade surface expressions.
- High-grade sampling: Historic samples include 9.5% Cu, 160g/t Ag, and 4.59g/t Au, with follow-up samples confirming 7.0% Cu and 33g/t Ag.
- Significant untested potential: 17km of anomalous copper strike identified through stream sampling.
“The project boasts remarkable geological potential, including copper grades of up to 9.5% and advanced, large-scale targets within a 16km² porphyry system,” Ahmed explained. “With over 330km² of largely untested ground and multiple high-grade prospects, Venatica aligns seamlessly with our exploration-led strategy to uncover world-class copper and gold deposits.”
Strategic Acquisition with Low-Cost Entry
Altair has secured a 120-day exclusive due diligence period for an upfront cost of just US$10,000, with an option to extend or acquire 80% of the Irka Mining Concession for US$60,000. The company highlights that this transaction structure ensures a non-dilutive, capital-efficient approach to unlocking Venatica’s full potential.
“This acquisition complements our existing portfolio, including the Olympic Domain Project in South Australia, where we are pursuing joint venture discussions to advance the project in a capital-efficient manner,” Ahmed added. “Together, these assets position Altair Minerals to deliver significant shareholder value through systematic exploration and disciplined capital management.”
Copper Demand Accelerates Amid Energy Transition
As the global push for electrification and renewable energy drives demand for copper, projects like Venatica offer significant upside. With world-class infrastructure already in place—including roads, power lines, and strong community support—Altair is well-positioned to fast-track exploration activities.
“The acquisition of Venatica marks the first step in our strategy to build a portfolio of large-scale discovery opportunities,” Ahmed stated. “Backed by our world-class discovery team, with a track record of uncovering over 11.4Mt Cu and 26Moz Au, we are confident in our ability to unlock Venatica’s full value.”
Investors will be watching closely as Altair advances one of the most promising new copper projects in the region. Assuming the acquisition of Venatica completes, Altair plans to quickly initiate a comprehensive program to further evaluate the full potential of the project, and currently anticipates commencing a first drill program at Venatica in H1 2025.
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