Doray Minerals signs farm-in with Rox Resources for Mt Fisher gold project
THE BOURSE WHISPERER: Doray Minerals (ASX: DRM) has struck a farm-in Agreement with Rox Resources (ASX: RXL) to explore the latter’s Mount Fisher gold project, located in the north-eastern Goldfields of Western Australia.
Under the terms of the farm-in agreement Doray is to sole fund an initial $5 million expenditure to earn a 51 per cent interest and a total of $10 million to ultimately earn a 75 per cent interest.
Doray said the Mt Fisher farm-in was another strategic exploration project for the company.
The company described the project to be a large contiguous land package over an underexplored greenstone belt with already identified gold mineralisation.
Doray went on to say Mt Fisher adds to its already highly prospective Horse Well JV with Alloy Minerals (ASX: AYR) and its Western Gawler farm-in in South Australia.
“We believe, given the geology, structural setting and results achieved to date, that there is the potential for discovery of a significant gold deposit within the project area and we look forward to working with Rox to advance the project,” Doray Minerals managing director Allan Kelly said in the company’s announcement to the Australian Securities Exchange.
The Mount Fisher gold project is located in the north-eastern goldfields region of Western Australia, approximately 230 kilometres north of the town of Leonora.
The project comprises a number of exploration tenements covering approximately 480 square kilometres, within the underexplored Mt Fisher greenstone belt.
This belt is located 40km east of the prolific Yandal greenstone belt, host of significant gold deposits such as Jundee, Bronzewing and Mt McClure.
Doray indicated it is eager to commence an immediate review and initial field reconnaissance of identified target areas within the project.
Initial geophysical and geochemical surveys will then be carried out to determine the potential for discovery within these new target areas.
“There was a high level of interest in the Mt Fisher gold project and we are delighted that a company with the credentials of Doray has chosen to partner with us to accelerate the search for a significant gold deposit in the area,” Rox Resources managing director Ian Mulholland said in his company announcement.
“This joint venture vindicates our view of the prospectivity of the tenements for gold and we look forward to a long and fruitful relationship with Doray.”
Email: investorrelations@dorayminerals.com.au
admin@roxresources.com.au
Website: www.dorayminerals.com.au
www.roxresources.com.au