PERTH (miningweekly.com) – The Victorian government has granted ASX-listed Navarre Minerals a ten-year retention licence for its Tandarra gold project.
The retention licence will replace the existing exploration licence and would require Navarre to spend A$3.1-million on the project area during the ten-year period.
Navarre said on Monday that the licence would allow the company to form a joint venture (JV) with fellow-listed Catalyst Metals, under which a 51% interest in the project would be transferred to Catalyst subsidiary Kite Operations, under a 2014 agreement in exchange for a A$3-million exploration spend from Catalyst.
Catalyst will act as manager of the JV.