Altair Minerals Secures High-Grade Venatica Copper Project in Peru

Strategic Acquisition in a Tier-1 Copper Belt

Altair Minerals Limited (ASX: ALR) has taken a significant step in its growth strategy by announcing the acquisition of the Venatica Copper Project, a high-grade copper porphyry located in Peru's prolific Andahuaylas-Yauri Porphyry Belt. This 337km² landholding is positioned within a globally renowned copper-producing corridor, approximately 60 kilometres from the Las Bambas Mine, which alone accounts for 2% of global copper supply.

The Venatica Project offers a rare district-scale opportunity with multiple large-scale porphyry targets, including the Irka NE and Irka SW prospects. These targets exhibit exceptional surface copper grades, with historic samples reaching up to 9.5% copper alongside significant gold, silver, and molybdenum credits. The project's geological setting shares key characteristics with nearby Tier-1 deposits, including host rocks and structural controls, underscoring its potential for a major discovery.

Robust Geological and Historical Foundations

Historic exploration and artisanal mining have confirmed the presence of high-grade copper mineralisation at Venatica West, with small-scale mining exploiting ore averaging 4-6% copper. Sampling programs conducted by previous operators, including INMET and Cordillera de las Minas, have returned consistently strong assay results, reinforcing the project's prospectivity.

Venatica East complements this with stream sediment anomalies showing copper levels more than five times background, analogous to the anomalies that led to the discovery of the 1.4 billion tonne Haquira deposit nearby. This suggests a significant, yet untested, copper source body within the project area.

Favourable Acquisition Terms and Exploration Plans

Altair has secured an exclusive 120-day due diligence period with an option to acquire an 80% interest in the Irka Permit for a modest upfront payment and staged expenditure commitments. The agreement includes performance rights tied to drilling and resource milestones, aligning vendor incentives with exploration success.

The company plans to rapidly advance exploration activities, including detailed mapping, geochemical sampling, geophysics, and community engagement, aiming to commence drilling in the first half of 2025. The presence of established infrastructure and supportive local communities further enhances the project's attractiveness by enabling low-cost exploration and development.

Positioning for the Energy Transition

With global copper demand accelerating due to the energy transition and electrification trends, Altair's acquisition of Venatica positions the company to capitalize on a high-potential asset in a proven copper district. The strengthened technical team, with a track record of significant discoveries, is well-equipped to unlock the project's value.

Altair's CEO Faheem Ahmed highlighted the strategic importance of Venatica, emphasizing its alignment with the company's exploration-led approach and commitment to disciplined capital management. This acquisition complements Altair's existing Australian projects, collectively enhancing its portfolio of high-quality mineral assets.