https://www.miningweekly.com

ABM to buy Tanami exploration licences from Altura

29th June 2015

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Exploration company ABM Resources announced on Monday that it had entered into a tenement purchase and joint venture (JV) agreement with Altura Mining with the option to buy 90% of nearly 2 000 km2 of exploration licences in the Tanami region of the Northern Territory.

“The Tanami region is one of the most prospective, but underexplored Proterozoic mineral belts in the world. With our recent development of the Old Pirate gold deposit, our other projects, such as Buccaneer and Hyperion, and other company projects, such as Groundrush and Callie, this district is a premier address and one where we aim to continue to expand exploration and production efforts,” ABM MD Darren Holden said.

The company has a six-month option on the four exploration licences and an exploration application agreement with Altura. ABM paid a A$25 000 nonrefundable option fee to Altura. Subject to completion of due diligence and requisite approvals, ABM would pay a further A$100 000 for a 90% ownership in the tenements.

Altura’s 10% share was carried until the earlier of either the identification of a 250 000 oz gold resource or a decision to mine a smaller resource, upon which a co-contributing 90:10 JV would be formed.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Resources Watch
Resources Watch
27th March 2024

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.157 0.194s - 107pq - 2rq
Subscribe Now