The deal covers base metal exploration and development rights, in relation to certain granted exploration tenements and tenement applications in McArthur Basin Mining district, Northern Territory, Australia, known as the Walker Gossan project.
The 166,000ha Walker Gossan project is located within the Walker Trough, a package of Middle Proterozoic carbonate sediments, situated in Arnhem Land in the Northern Territory of Australia.
Rio Tinto and GPM have entered into a definitive two stage earn-in joint venture agreement granting GPM an initial 51% interest under certain conditions, including payment of A$1m on signing, a minimum expenditure of A$2m within three years of the effective date and combined expenditures of A$20m over a ten year period.
Further, GPM may increase its interest to 75% by completing a feasibility study within three years of completing stage one.
Under the terms of the deal, WKM will pay an aggregate of $20m for a 75% interest in the properties and an additional $10m to acquire the remaining 25% interest.
Hasbrouck and Three Hills are all-oxide deposits, which are said to be suitable for open pit mining and heap leaching. Both are open at depth and laterally.
Completion of the transaction is subject to various conditions, including but not limited to, WKM’s satisfactory completion of legal, title and environmental due diligence with respect to the properties, completion of various financings to raise adequate funds to make the initial payment, board and regulatory approvals and other customary conditions in the mining industry for similar asset purchases and sales.
Caledonia Mining has announced new marketing arrangements for the gold produced from its 49%-owned subsidiary, the Blanket Mine in Zimbabwe.
Under the new regulations introduced by the Zimbabwean Ministry of Finance, all gold produced in Zimbabwe must now be sold to Fidelity Printers and Refiners, a company which is controlled by the Zimbabwean authorities.
Following this, Fidelity is now responsible for the final refining and marketing of all gold produced in Zimbabwe.
All of Blanket’s production will be sold to Fidelity with immediate effect. The sale of gold to Fidelity replaces Blanket’s previous refining and marketing arrangements.
Gold Standard Ventures has entered into a binding letter of intent (LOI) with Scorpio, to acquire the remaining portion of the highly prospective Pinion gold deposit, which is contiguous to the south of the company’s flagship Railroad gold project in Elko county, Nevada.
Upfront consideration for the acquisition will consist of cash payments of C$6m and 5,500,000 GSV common shares.
The acquisition strengthens Gold Standard’s position as a major Nevada-focused exploration and development company with a pre-eminent land package in the Carlin Trend, which remains the world’s most prolific producer of gold.
Parallel to the acquisition, Gold Standard has engaged Macquarie Capital Markets Canada as its lead agent and lead arranger to raise a minimum C$8m, subject to an agent’s option to increase the offering by up to 15% until 48 hours prior to closing, to finance the acquisition of Pinion and for working capital and general corporate purposes.
Synergy Acquisition has entered into an amended asset purchase agreement with Mazorro Resources for the sale of an interest in a total of 81 claims covering approximately 4,300ha in the Monster Lake area, in north-western Quebec.
Under the terms of the deal, Mazorro will acquire an initial 50% interest in 81 claims by paying $80,000 in cash and issuing a total of 4 million common shares and 1 million warrants of Mazorro.
This follows the original acquisition agreement signed in November, which states that Mazorro will initially acquire a 50% interest in the claims, versus a 100% interest.
The firm will retain a 50% interest and will act as operator to conduct exploration programmes.
Additionally, Mazorro will have an option to acquire the 50% interest retained by the corporation for a cash payment of $100,000, exercisable for a period of two years.