https://www.miningweekly.com

Red 5 looks at Great Western

11th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior Terrain Minerals has struck an option agreement with fellow-listed Red 5 to sell the Great Western gold deposit, in Western Australia.

Under the terms of the option agreement, Red 5 would pay an option fee of A$300 000, giving the junior gold company the right to conduct due diligence into the existing resource at Great Western.

On the expiry of the option period, Red 5 could acquire the Great Western project for A$2.2-million worth of shares, with the share price to be calculated on the five-day volume weighted average share price prior to the completion date.

Red 5 MD Mark Williams on Monday said that the proposed acquisition provided the company with a low risk opportunity to increase its mineral resource base within economic trucking distance of the Darlot gold processing plant.

“Darlot is one of the great gold mines of the Eastern Goldfields, operating continuously for over 30 years and producing approximately 2.9-million ounces of gold to date. It’s a core asset for Red 5 and we have a multi-pronged plan under way to deliver continued growth in resources and mine life.”

The Great Western project is currently estimated to host an opencut and underground mineral resource of 709 000 t, grading 2.7 g/t gold for 62 100 oz of contained gold.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.795s - 110pq - 2rq
Subscribe Now