PERTH (miningweekly.com) – Junior Trek Metals has inked three separate agreements to increase its Pilbara footprint, acquiring prospective gold and iron-ore projects.
The three acquisition and option agreements cover the Tambourah project, which is in close proximity to Trek’s existing Pincunah gold project in Western Australia, with Trek saying the project offered strong prospectivity for new gold and base metal discoveries.
“This represents an exciting, low-cost, low-risk opportunity for Trek Metals to further enhance our pipeline of gold exploration targets in the Pilbara and at the same time review a highly prospective iron-ore opportunity at a time of renewed interest in the iron-ore sector,” said executive director John Young.
“We are particularly interested to see the results from the initial sampling conducted last month, and to get started at the Western Shaw project, which is prospective for both gold and iron-ore mineralisation.”
Under the first agreement with vendor Redstone Metals and Territory Prospecting, Trek has acquired the E45/5484 tenement for A$50 000 in cash, the issue of 750 000 fully paid ordinary shares, and a 1% net smelter royalty.
In a separate agreement with Redstone Metals, Trek has taken an option over the E45/4960 tenement, which can be exercised by issuing three-million shares, and a 1.5% net smelter iron-ore revenue royalty and 1% net smelter royalty on all other minerals. Trek is expected to conduct a due diligence, and to meet a minimum A$30 000 expenditure obligation at this tenement.
A further option agreement over the ELA45/5722 tenement was also signed with Resource Gold, under which Trek could acquire the tenement in exchange for three-million fully paid ordinary shares. An additional 1.5% net smelter royalty would also be applied to iron-ore revenues, and a 1% net smelter royalty to all other minerals.