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Alliance takes on Wilcherry

31st January 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Alliance Resources will take full ownership of the Wilcherry project, in South Australia, after reaching an agreement with joint venture (JV) partner Tyranna Resources’ subsidiary Trafford Resources.

In exchange for its remaining 18.59% interest in the project area, and an 80-person camp on leasehold land, Trafford will be paid A$1.5-million in cash, paid over three tranches.

Alliance on Thursday told shareholders that the agreement provided the company with full ownership of the Wilcherry project, including the high-grade Weednanna gold deposit, where a mining and processing scoping study was under way.

The acquisition would also eliminate the administrative burden and costs associated with a JV, while streamlining the future statutory approvals process, Alliance said.

The Wilcherry project comprises seven exploration licences over some 1 400 km2, which is prospective for both gold and base metals.

Edited by Creamer Media Reporter

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