Montezuma signs on for Woodie Woodie West
PERTH (miningweekly.com) – ASX-listed Montezuma Mining Company has signed an option agreement over a 75% interest in the Woodie Woodie West manganese project, in Western Australia.
The company reported on Thursday that it would acquire the shareholding from Ucabs in exchange for a A$15 000 option fee for an exclusive 12-month period. A second option payment of A$10 000 would be due on the start of drilling, and upon exercise of the agreement, Montezuma would acquire the majority shareholding in the project on payment of A$385 000 in cash and A$100 000 in shares.
The option agreement also contained provisions for extending the option period.
Montezuma CEO Mike Moore said that the Woodie Woodie West project held considerable potential to host high-grade manganese mineralisation similar to that at the Woodie Woodie mine, which has been in production since the early 1950s.
The Woodie Woodie project had produced more than 35-million tonnes of ore to date.
Moore said that Montezuma would start drill testing the potential of the Woodie Woodie West project as soon as possible. The drill testing would start with a number of identified target areas, as soon as heritage clearances have been received.
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