Walkabout Resources signs JV to gain majority stake in Slieve Gallion

26 February 2018 (Last Updated February 26th, 2018 11:15)

Walkabout Resources (WKT) has concluded a joint venture (JV) deal with Koza (UK) to acquire a 75% interest in the Slieve Gallion licence in Northern Ireland. 

Walkabout Resources (WKT) has concluded a joint venture (JV) deal with Koza (UK) to acquire a 75% interest in the Slieve Gallion licence in Northern Ireland.

The licence is located around 20km from the 4.4Moz Curraghinalt gold resource owned by Dalradian Resources.

The acquisition of the licence’s interest will be achieved through earning-in to 50% of the holding company by spending a minimum of $500,000 towards exploration costs.

The company has an option to increase its interest in the holding company to 75% by publishing a jointly agreed prefeasibility study (PFS).

Walkabout Resources executive chairman Trevor Benson said: “Walkabout’s core business strength is the ability to identify and acquire exploration prospects that create follow-on opportunities.

“This enables us to strengthen our position within the highly prospective Dalradian gold belt and further leverage the company’s strategy to diversify into potential growth opportunities.”

“The addition of these earn-in joint ventures with Koza UK into Walkabout’s Northern Ireland portfolio, which includes management control, enables us to strengthen our position within the highly prospective Dalradian gold belt and further leverage the company’s strategy to diversify into potential growth opportunities.”

A term sheet was also negotiated with Koza UK to increase holding in the Antrim Metals gold JV from 50% to 75% and earn rights over exploration management.

In order to acquire the additional 25% interest, WKT needs to publish a joint ore reserves committee (JORC) resource of 250,000oz of gold or equivalent.

The deals enable WKT to increase its exploration footprint in Northern Ireland to around 1,250km².

The company intends to carry out a parallel exploration programme focussing on gold and base metals in the region.