JOHANNESBURG (miningweekly.com) – Australia’s Winmar Resources is assessing additional projects in the Iberian Pyrite Belt and is in discussions with a number of parties holding properties in the region, the company said this week, as it announced that it had stopped all significant expenditures at the Lomero joint venture (JV) project, in Spain.
The gold/silver/copper/zinc project tenement is held by Kimberley Diamonds, which is under administration. Although Winmar believes that its JV arrangement and participating interest in the Lomero project are secure, the company said that it considered it prudent not to spend more on the project during the administration process.
Winmar stated that it had contacted the administrators of Kimberley Diamonds informing them of its interest in the project.
The company completed a year of exploration at Lomero in May and said the results of the down-hole electromagnetic surveys, undertaken in June, would be available later this month.
Under the farm-in and JV agreement, Winmar has so far acquired a 10% participating interest in the project. The JV agreement will ultimately see Winmar increase its shareholding in the project to 70% through staged investment.
Kimberley Diamonds, which delisted from the ASX in March, entered into voluntary administration in June – only days after its Lerala diamond mine, in Botswana, was closed.