Uranium Company of Arizona (UCA), a subsidiary of Australia’s Monaro Mining, has signed an agreement with Cristol Enterprises over its Bernard gold, uranium and manganese claims in La Paz Country, Arizona, US.
Under the agreement, US exploration company Cristol will invest A$5.1m over four years to gain 49% interest in the project.
A new limited liability company, with initial equity stemming 100% from UCA, will be created to transfer the Bernard claims.
The project has yielded gold values between 5.1 and 9.6g/t gold as well as high copper, zinc and lead values, Monaro Mining said in a statement.
The companies plan to commence drilling activities immediately with an investment of about A$475,000, to test and confirm the Bernard gold vein mineralisation.