Alloy and Trafford join forces to explore Lynas Find
PERTH (miningweekly.com) – ASX-listed juniors Alloy Resources and Trafford Resources have signed a farm-in agreement to jointly explore the Lynas Find gold project, in Western Australia.
Under the terms of the transaction, Alloy would have the right to earn an initial 51% interest in the project by spending A$500 000 within the first 12 months, and a right to earn a further 29% interest by spending an additional A$1-million in the second and third year of the farm-in.
Additionally, Alloy would pay Trafford A$50 000 after a due diligence period, as well as ten-million fully paid ordinary shares.
Alloy told shareholders on Tuesday that the company believed the Lynas Find project had strong potential for definition of high-grade gold mineralisation and, following positive legal and technical due diligence, the company was looking forward to undertaking exploration drilling to test identified targets.
“We are pleased to have identified this advanced gold project with immediate walk-up targets that are very exciting opportunities for the company,” said MD Andy Viner.
“We believe that now is the right time to add such an opportunity to our portfolio, which will give shareholders direct exposure to two compelling gold projects to which we could add significant value with relatively inexpensive exploration.”
Alloy also has a right to acquire up to a 70% interest in a second exploration licence from Trafford, which is currently the subject of a joint venture agreement between Trafford and other third parties.
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