Doray hunts for gold on Iluka fields
PERTH (miningweekly.com) – ASX-listed gold miner Doray Minerals has signed a farm-in agreement with fellow-listed mineral sands miner Iluka to explore its Central and Western Gawler Craton tenement portfolio, in South Australia.
The farm-in area consists of some 21 000 km2 of exploration licences and applications, and incorporates one of the largest underexplored Archaean/Protozoic boundaries in Australia.
Under the terms of the farm-in, Doray had the right to earn up to 80% of any gold resource discoveries within the project area, with Iluka retaining the rights to any other commodity discovered.
Doray would spend a total of A$7-million, over a six-year period, to earn an 80% shareholding in the tenement area’s gold resource. Iluka would be free-carried until a decision to mine was taken on any gold resource discovered, while the company also maintained the right to analyse and explore for any non-gold discoveries made by Doray during its exploration.
Doray would also pay a 2% net smelter royalty on all precious and base metals produced at the tenement area, as well as 2% gross revenue royalty on other minerals produced from any mining lease granted or acquired at site by Doray or any of its affiliates.
Doray MD Alan Kelly said on Monday that the farm-in represented a strategic first-mover opportunity for Doray, given the size of the land-holding and the prospective nature of the underexplored geology it covered.
“We are very pleased that Iluka has recognised the potential that a collaboration with Doray represents for them. Our enthusiastic and proven exploration approach will see the project area explored efficiently and effectively, and we now look forward to starting this exciting opportunity.”
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