Red 5 looks at Great Western
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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















