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Royal takes full ownership of JV assets

25th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Minerals explorer Royal Resources on Monday announced that it had taken full ownership of the projects making up a joint venture (JV) with TSX-listed Aldershot Resources, in exchange for cancelling debt.

Royal has now taken full ownership of the George and Waterhouse West projects, in the Northern Territory, in exchange for reducing A$79 440 of debt owed to Royal.

The company said that with full ownership, it would now formulate a strategy for the future assessment of both projects, which could include a possible JV partner to fund further drilling campaigns, while its own focus would remain on the Red Dragon and Razorback projects, in South Australia.

“George’s gold potential was all but forgotten when uranium was discovered there in the 1950s. With a cooling in the uranium sector, that potential is now being reassessed,” said Royal MD Marcus Flis.

He noted that the iron potential at Waterhouse West was also "something new" and was identified by the company’s own geological team.

“While exploration is at its very early stage, there are a number of targets that demonstrate either haematite or magnetite mineralisation in an area that is very close to existing infrastructure,” Flis said.

Edited by Creamer Media Reporter

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