THE BOURSE WHISPERER: Doray Minerals (ASX: DRM) has moved to a 60 per cent interest in the Horse Well project in the north eastern goldfields of Western Australia.
Doray is currently exploring for a new standalone gold project at Horse Well, under a farm-in agreement with Alloy Resources (ASX: AYR).
The company has advised Alloy it has earned 60 per cent interest in the Horse Well project having spent the required $2 million on the project to date.
Work carried out by Doray at Horse Well has confirmed the potential for the project to host substantial gold mineralisation as well as a new greenfields gold discovery at the Dusk ‘til Dawn prospect.
Alloy now has the option of contributing pro-rata to exploration expenditure up to delivery of a PreFeasibility Study at the project, or diluting further to 20 per cent.
Upon delivery of a PFS, Alloy has the option of contributing to the project or diluting to a one per cent Net Smelter Return royalty.