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Mining deals

Wildcat Exploration and Doe Run Canadian Exploration have extended their Wildcat-Doe Run Canadian Exploration Alliance agreement beyond the initial two-year term.

Under the agreement, the companies will continue to work on the base metal discovery at the Island Lake property, which is located near the former Heath Steele mines in New Brunswick.

The alliance will also continue until completion or termination of exploration programmes on the property.

Work by the alliance is said to have identified two areas of zinc-lead-copper-silver mineralisation at the Railroad and Roche Long Lac Zones on the Island Lake property.

Red Pine Exploration has entered into an assignment and assumption agreement with Augustine Ventures and Citabar, under which the parties have agreed to amend the Surluga Property Option Agreement, as amended, between Augustine and Citabar to permit Red Pine to earn up to a 45% interest in the Wawa Gold Project property.

The property is located approximately two kilometres south-east of the Town of Wawa in northern Ontario and comprsises four contiguous mining claim groups totaling 5,338ha.

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By GlobalData

Red Pine has to incur $2.1m in eligible exploration expenditures by 30 June 2015 to earn a 30% interest in the Wawa Gold Project.

Augustine and Citabar would then hold 30% and 40% respectively.

Xmet has signed a contract with Asinii Drilling to carry out its drill programme on its Blackflake West Project.

The programme is set to focus on the project’s All Channel electromagnetic response target, which was followed up on with the ground induced polarisation survey.

The initial phase of the drill programme is expected to total approximately 1,500m of diamond drilling.

"Xmet has signed a contract with Asinii Drilling to carry out its drill programme on its Blackflake West Project."

Brazilian mining and metals company Vale has announced plans to sell a stake in its African coal operations to Japanese trading company Mitsui & Company for around $950m.

The latter will pay $638m for a 14% stake in the Moatize coal mine in Mozambique and the remaining $313m for a 35% interest in the Nacala Logistics Corridor, which is a rail and port network, reported.

Together, the companies plan to raise $2.7bn in project finance capital, of which $1.7bn will be used to complete the Nacala Logistics Corridor and $1bn will pay down Vale’s debt.

Vale will own 81% of the Moatize mine and 35% of the Nacala Logistics Corridor upon completion of the deal in 2015.

Consolidated Goldfields has acquired a 100% interest in the King Solomon precious metal property.

The company is said to have executed an exploration and mining lease with option to purchase with Mountain Gold Claims Series 9 and King Solomon Gold to this effect.

Located 25 miles east of Tonopah, Nye County, Nevada, the King Solomon property comprises two contiguous claim blocks for a total of 66 claims in the newly identified Monitor-Eureka Mineral Belt.

The zone is a three-mile-long ‘Sediment-hosted/Carlin-type’ trend that is similar to the recent Long Canyon discovery in the Pequop Mountains.

Image: Several deals were signed this week. Photo: courtesy of adamr /