Atticus Resources (ASX: ACZ) has agreed to form a joint venture with Resgen Resources Pty Ltd covering the company's Yundamindera Project in Western Australia.
The Heads of Agreement proposes a farm‐in and joint venture under which Resgen will spend $200,000 over a three year period to earn 51% of the Yundamindera Project and can then elect to spend an additional $100,000 over a further two year period to earn a total of 90% of the project. iron ore plant
This strategy will allow Atticus to focus on acquiring a substantial new project, while remaining exposed to any exploration success at Yundamindera. The project is currently being explored in partnership with the tenement holders, BrilliantGold Pty Ltd.
Unlisted Resgen is based in Adelaide and intends to list on ASX within the next six months. Upon listing on ASX, Resgen will issue 100,000 fully paid Resgen shares to Atticus, who will manage and fund all exploration activities at the Yundamindera Project until Resgen lists.
The agreement is conditional upon Resgen successfully listing on ASX within 12 months from execution. If Resgen fails to list then they forfeit their right to enter into the proposed joint venture and Atticus and BrilliantGold will continue exploration of the project in their own right. crushers
The Yundamindera gold project is located in the Eastern Goldfields Province of the Yilgarn Craton, 685 kilometres northeast of Perth and 205 kilometres north‐northeast of Kalgoorlie‐Boulder.
Historical gold exploration by a number of previous operators and more recently by Atticus has identified several areas of coherent gold anomalism in near‐surface soil sampling and RAB/aircore drilling that now require extensive drill testing. gold crusher
Atticus said it plans to start testing several of these anomalies with limited aircore drilling later this year, however, upon listing on the ASX, Resgen will continue with further and more extensive drill testing of these and other anomalies generated by the previous work.
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