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Bulletin signs farm-in deal with Meteoric

3rd November 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Explorer Bulletin Resources has signed a farm-in and joint venture (JV) agreement with fellow-listed junior Meteoric Resources to earn a 70% interest in the Warrengo North project, in the Northern Territory.

Bulletin would spend A$750 000 over a two-year period to earn its 70% stake in the project area, after which a contributing JV would be formed.

Bulletin told shareholders on Monday that the farm-in was a good first step in rebuilding the company’s assets through targeted exploration on a prospective project, the early results of which would determine whether or not to continue with the farm-in, without the company incurring significant expenditure.

The Warrengo North project consists of three granted and one exploration licence application. Previous exploration results have identified several large high magnetic susceptibility targets, with pronounced coincident gravity anomalies similar in character to quartz-magnetite-chlorite ironstones associated with high-grade copper/gold mineralisation elsewhere in the mineral field.

The initial focus of the farm-in would be the Parakeet copper/gold target previously identified by Meteoric. Drilling was anticipated to start within the next month.

Edited by Creamer Media Reporter

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