Altair Minerals (ASX: ALR) has made a global move with its proposed acquisition of the Venatica copper project in Peru.

Venatica is located in the heart of Peru’s Andahuaylas-Yauri Porphyry Belt and just 60 kilometres from the Las Bambas mine, which produces 2% of global copper supply.

Altair – which currently has exploration projects in Queensland, South Australia and Western Australia – came out of a lengthy trading halt to announce the acquisition proposal.

Ideal opportunity

Chief executive officer Faheem Ahmed said the Peru project is a major expansion with the potential to add a tier-1-sized discovery opportunity to Altair’s portfolio.

“With low-cost exploration and drilling alongside favourable terms, the Venatica project represents an excellent non-dilutive and ideal risk-versus-reward discovery opportunity for Altair,” Mr Ahmed said.

“The acquisition of Venatica marks the first step in our strategy to assemble a portfolio of exploration opportunities with true large-scale discovery potential.”

“We will take a disciplined and scientific approach to systematic exploration, which will lead us to making a globally significant discovery.”

Site visit

Altair has moved quickly to get its feet on the ground in Peru, with Mr Ahmed and a team of three geologists conducting a due diligence site visit, regional evaluation and community engagement.

Before conducting its first drill program in H1 2025, the company is planning several exploration activities including a rock chip and geochemical sampling program and an induced polarisation survey across key targets at Venatica West.

Stream sampling at Venatica East has returned four distinct copper targets, which have an outstanding combined anomalous strike of 17km.

‘Low-cost entry’

“As global copper demand accelerates amid the energy transition, Venatica offers Altair a unique opportunity to secure a low-cost entry into a high-potential asset with compelling near-term exploration upside,” Mr Ahmed said.

“With over 330 sq km 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.”

“Backed by our world-class discovery team […], we are well-positioned to maximize the project’s value.”