Gateway divests noncore exploration acreage
PERTH (miningweekly.com) – Junior Gateway Mining has inked a tenement sales agreement with fellow-listed Syndicated Metals over its Edjudina gold project exploration licence, in Western Australia.
Gateway on Wednesday said that the divestment was part of the company’s strategy to crystallise value from its portfolio of noncore exploration assets, while maintaining a strong focus on gold exploration and development at its Gidgee project.
Under the terms of the agreement, Syndicated would have the right to purchase an 80% interest in the exploration tenements, for A$250 000. The company could elect to pay up to A$200 000 of this consideration in shares.
Furthermore, Syndicated will grant Gateway a 1.5% net smelter royalty on any future production greater than 200 000 oz of gold or equivalent.
The two companies would enter into a joint venture on the Edjudina gold project, with Gateway to remain free carried until a decision to mine.
Syndicated MD David Morgan on Thursday said that the acquisition of the Edjudina project was another exciting and potentially company-making exploration opportunity.
“With the addition of the Edjudina project to our growing portfolio of highly prospective gold projects in tier-one Western Australian locations, the company is well positioned to benefit from exploration success in the current strong gold price environment.
“Of particular interest is the tantalizing geological similarity between Edjudina and the early discovery stages of the six-million-ounce Tropicana gold project. We are really looking forward to getting on the ground and putting this theory to test with systematic exploration programmes.”
Edjudina consists of four granted exploration tenements covering some 280 km2, with multiple gold anomalies.
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