PERTH (miningweekly.com) – ASX-listed Alliance Resources has increased its stake in the Wilcherry project joint venture (JV), in South Australia, to 75.01%.
JV partner Trafford Resources, which is a wholly owned subsidiary of Tyranna Resources, has diluted its interest in the exploration area to 24.99%, after Alliance sole funded expenditure during the June quarter.
Trafford has elected not to contribute to the approved programme for the JV for the 2019 financial year, totalling some A$3.2-million, which could mean that Alliance’s interest in the project area reaches 83.64% at the end of June next year, should the actual expenditure reach the budget.
The Wilcherry project comprises seven exploration licences over some 1 400 km2, which is prospective for both gold and base metals.