THE DRILL SERGEANT: Golden Mile Resources (ASX: G88) announced a clear path for exploration activities to commence at the Gidgee project in the North-Eastern Goldfields of Western Australia.
Golden Mile Resources has been granted approvals providing clear access to further exploration at the Gidgee project.
The approvals mean the company has now met the conditions required to activate the operative provisions of the Gidgee Farm-in Agreement with Gateway Mining (ASX: GML), giving Gateway the right to acquire up to an 80 per cent interest in the Gidgee project.
“This is a long-awaited development for both companies and now with the farm-in agreement operating we look forward to Gateway progressing exploration on this significant landholding in the highly prospective Gum Creek Belt after several years without any significant activity,” Golden Mile Resources managing director James Merrillees said in the company’s ASX announcement.
“Gidgee is prospective for both gold and base metal mineralisation and Golden Mile retains a 20 per cent interest allowing our shareholders to benefit from any exploration upside and success.
“This farm-in is consistent with Golden Mile’s strategy to concentrate resources on our core assets, specifically at Yarrambee and Yuinmery, where drilling programs are planned to commence over the coming months, and where we aim to create additional shareholder value.”
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