PERTH (miningweekly.com) – ASX-listed Orinoco Gold and fellow-listed AngloGold Ashanti have kicked off an exploration joint venture (JV) in Brazil.
The JV was signed in early 2017 to establish a regional exploration JV over Orocobre’s Fiana goldfields project, which encompasses the tenements around the company’s Cascavel gold mine.
Under the terms of the agreement, AngloGold Ashanti could earn a 70% interest in the JV tenements by spending $9.5-million in exploration over a three-year period, with the right to withdraw at any time.
To date, AngloGold Ashanti has advanced a total of A$3-million to reduce its earn-in requirements.
Recent discussions between the two companies have now ironed-out the agreement terms, allowing for work to start on establishing the in-country JV entity this quarter.
A technical committee, led by AngloGold Ashanti, will be established on the formation of the in-country JV entity, with a detailed exploration programme for the next 12 months.