DevEx and Brightstar shake on earn-in deal
PERTH (miningweekly.com) – ASX-listed DevEx Resources has signed an earn-in agreement with fellow-listed Brightstar Resources at the Highway nickel project in Western Australia.
Under the agreement, DevEx could earn up to a 75% interest in the non-gold mineral rights within the two tenements making up the Highway project.
The company would earn an initial 51% interest by spending A$1-million on exploration within the first two years of the earn-in agreement, and could acquire a further 24% interest by spending an additional A$2-million over the subsequent two years.
“The agreement with Brightstar gives us an opportunity to apply state-of-the-art geophysical methods to test a highly prospective ultramafic horizon along strike from the historical Scotia nickel mine. This is a high-quality greenfields exploration opportunity which is consistent with DevEx’s strategy to target game-changing discoveries,” said MD Brendan Bradley.
Brightstar MD Alex Rovira said on Tuesday that the earn-in agreement provided an exciting opportunity to partner with DevEx, which would see the targeted exploration of noncore gold mineralisation.
“Brightstar will retain a meaningful stake in these tenements and exposure to any potential nickel discovery, as well as retaining the gold rights. This transaction is part of Brightstar’s focused strategy of transitioning towards becoming a gold developer and producer. As the company advances towards gold production from the Selkirk deposit at Menzies, Brightstar continues to look for opportunities to prioritise and progress exploration across our broader tenement portfolio,” he added.
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