J. David Lowell (Photo: Adam Humphreys)

Dave Lowell's Lowell Copper announced an option to earn up to 70% in the TC property in the Hillsboro - Bisbee mineral trend in New Mexico from Rose Petroleum PLC and a subsidiary.

The deal appears to have been structured in a way that allows Lowell Copper to back out if results aren't promising. The company can earn 25% by spending US $250,000 in exploration, an additional 26% by spending another US $2.5 million, and an additional 19% by spending another $3.5 million, for a total of 70% for $6.25 million.

Mr. Lowell, Chairman and CEO of Lowell Copper remarked, "The size of the covered area is such that one to two drill holes could very quickly reveal whether there is the potential for buried mineralization."

Mr. Lowell is credited with the discovery of 18 ore bodies, including Escondida, the world's largest copper mine. He was the subject of a January, 2013 CEO.CA video interview.

Read: Lowell Copper Enters Into Option Agreement, Related: Rose Petroleum PLC Joint venture agreement with Lowell Copper Ltd.

Disclosure: We own a few shares and warrants in Lowell Copper as a speculation. This is certainly not investment advice. Do your own due diligence.