Torian/Dampier JV starts
PERTH (miningweekly.com) – The Zuleika project farm-in joint venture (JV) in Western Australia between ASX-listed Torian Resources and fellow-listed Dampier Gold has kicked off.
Under the terms of the 2019 agreement, Dampier could acquire a 75% interest in the Zuleika gold project by spending A$1-million over a four-year period.
Dampier would earn an initial 30% interest by spending A$250 000 on the project area over the first 15 months of the earn-in, and a further 15% by spending an additional $250 000 over the following 12 months.
Two additional earn-ins of 15% each would also be achieved by spending a further A$250 000 at each stage of the third and fourth earn-ins, over the subsequent 24 months, taking Dampier’s stake in the project to 75%.
Torian nonexecutive chairperson Louie Simens said on Wednesday that JVs would reduce the company’s annual tenement holding commitments while allowing it to ride the exploration upside on discovery in the Kalgoorlie goldfields.
“The company agreed that Dampier will no longer provide a loan facility to Torian, ensuring Dampier can focus all its cash on exploration expenditure at the Zuleika project for the maximum upside in discovery potential to Torian’s shareholders.”
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