PERTH (miningweekly.com) – Minerals explorer Alt Resources has taken an option over the Bottle Creek gold mine, in Western Australia.
In return for the 12-month option, Alt would pay the vendor A$125 000 in cash, and a further A$25 000 rehabilitation security bond.
While undertaking a Joint Ore Reserves Committee-compliant resource modelling, Alt would meet all the tenement payment obligations for the duration of the option period, and has agreed to undertake a minimum of 8 000 m of reverse circulation drilling at the project, starting no later than March next year.
If Alt took the decision to exercise its option over the Bottle Creek project, the company would pay the vendor A$4.8-million in cash as well as a 2.5% royalty on all gold produced at the project area. A process fee of A$3/t would also be payable on the ore processed on site.
The Bottle Creek project consists of two granted mining leases, and historically produced some 90 000 oz of gold from two openpit mining operations.