JSE- and NYSE-listed Gold Fields’ subsidiary St Ives Gold Mining has earned a 51% interest in the Western Lefroy joint venture (JV), after fulfilling its Stage 1 farm-in requirements of spending $10-million on exploration within three years.
The company has elected to increase its interest in the JV to 70%, by sole funding a further $15-million of exploration over the next three years.
Gold Fields’ exploration spend needs to total $25-million within six years of June 2018 to earn the 70% stake.
ASX-listed Lefroy Exploration wholly owns the Lefroy gold project, which is adjacent to Gold Fields’ St Ives gold mining camp.
The Lefroy project comprises Eastern Lavroy, covering 265 km2 of tenements, and the Western Lefroy tenements, covering 372 km2, and borders the St Ives mining operation.