 PERTH (miningweekly.com) – ASX-listed Resource Star has signed a joint-venture (JV) agreement with fellow listed Globe Metals & Mining to start exploration activity at the Livingstonia uranium project, in Malawi.
Under the terms of the JV agreement, Resource Star would sole-fund the exploration, up to feasibility study, and, in turn, would earn staged equity through achieving defined exploration and assessment hurdles.
During phase one, Resource Star could earn a 20% interest in the project by completing a resource estimate and 1 000 m of drilling, while the company could earn 51% interest during phase two, by spending $3,25-million on exploration.
During phase three, Resource Star could increase its stake to 70%, if a Joint Ore Reserve Committee-compliant resource of more than 10 000 t of contained uranium is defined. This stake could be increased to 80%, if a feasibility study is concluded.
Resource Star said on Tuesday that it would undertake a technical and due diligence of the Livingstonia project before starting the JV.
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