Legacy Iron Ore to buy high-grade gold project
JOHANNESBURG (miningweekly.com) – ASX-listed Legacy Iron Ore on Tuesday said it had signed a term sheet with the Ling prospecting syndicate for a majority shareholding earn-in on the high-grade Yundamindera gold project, in the South Laverton gold province.
The Western Australia-based iron-ore and gold exploration company committed $150 000 to obtain a 60% stake and a further $250 000 to increase its shareholding in the gold project to 80%.
The deal comprised eight prospecting licences and one exploration licence covering a 51 km2 region about 30 km north-west of Legacy’s Mt Celia gold project.
The agreement also provided for the initial payment of $30 000 in cash, $50 000 worth of Legacy shares and reimbursement for tenement cost, and required Legacy to spend at least $100 000 prior to withdrawal, $50 000 of which would be allocated to direct drilling costs.
Following the completion of the earn-in period, the parties, with the vendor holding a 10% stake, would contribute expenditure pro-rata with normal dilution.
However, should a bankable feasibility study be approved, the vendors had the option of contributing their proportion or converting the joint venture interest to a 2% net smelter royalty.
Legacy would embark on a drilling programme on completion of mapping and statutory approval.
The term sheet was subject to due diligence, Legacy board approval and any necessary legal and regulatory approval.
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