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.