PERTH (miningweekly.com) – ASX-listed junior Interim Resources has signed a farm-in agreement with private gold miner La Mancha Resources over the Binduli project, in Western Australia.
Under the terms of the farm-in agreement, La Mancha could earn an initial 51% stake in the project by spending A$2.1-million in exploration over the first three years of the farm-in period.
The gold miner could then elect to earn a further 19% stake in the Binduli project by completing an additional A$2.5-million in expenditure, over a further two years.
La Mancha would act as project manager over the Binduli project, which comprises 9 876 ha of tenement packages located west of Kalgoorlie and adjacent to La Mancha’s Frogs Leg underground mine and its White Foil openpit gold mines.
“La Mancha is a logical partner to team up with, given their strong interest in the immediate area and their position as a successful producer. Importantly, they have the requisite financial and technical resources to aggressively pursue systematic exploration programmes,” said Interim executive director Michael Ruane.
The farm-in agreement would exclude the mining licences which make up the Teal and Peyes Farm gold deposits.