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Ausgold enters into farm-in and JV agreement

Mining News - Published on Fri, 15 Mar 2019

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Ausgold Limited announced that it has finalised a Farm-in and Joint Venture agreement with fellow ASX-listed mineral exploration company Great Boulder Resources Limited in regards to its 100% owned Yamarna Project. The project includes the highly prospective Winchester nickel-copper project, located 125 km northeast of Laverton in Western Australia. The Yamarna Project, which is 40km north along strike of Great Boulder's Mt Venn Project, comprises exploration licences E38/2129 and ELA 38/3311 covering approximately 300km2 of the northern Mt Venn Greenstone Belt. Two RC drill holes completed in October 2018 by Great Boulder at the Winchester Prospect intersected disseminated sulphides chalcopyrite (copper), pentlandite (nickel) and pyrite (iron), confirming the potential for a significant high nickel-tenor sulphide mineralisation

Significant results include:
7m at 1.1% Cu, 0.2% Ni, 0.01% Co from 123m (18WNRC001)
13m at 0.9% Cu, 0.3% Ni, 0.02% Co from 138m (18WNRC002) including 5m at 1.1% Cu, 0.7% Ni, 0.04% Co,O.lOg/t PGEThe Agreement

Great Boulder has exercised their option to form a Farm-in/ Joint Venture on granted tenement E38/2129 and application E38/3311. Under the terms of the agreement, Great Boulder will issue Ausgold 1,500,000 GBR shares which are under staged voluntary escrow periods of 3 to 9 months. Great Boulder can earn a 51% interest in the Winchester project by spending $250,000 on exploration over two years, and an additional 24% (75% in total) by spending an additional $250,000 ($500,000 in total) over four years. Great Boulder has currently spent approximately USD 100,000 at Winchester.

Upon Great Boulder meeting the minimum expenditure milestone, Ausgold will retain a 25% free-carried interest in the Winchester project to a decision to mine.

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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