THE BOURSE WHISPERER: They say that earning 50 per cent of a project is better than earning 50 per cent of no project.
Farm-in of Gunson copper project
Gunson Resources (ASX: GUN) has entered into a farm-in agreement with unlisted public company Terrace Mining in respect of Gunson’s MG14 and Windabout copper-cobalt-silver deposits at Mount Gunson in South Australia.
These deposits were excised from the Mount Gunson Farm-in and Joint Venture Agreement with Xstrata subsidiary, Noranda Pacific, in June 2009 and are currently 100 per cent-owned by Gunson.
“We are delighted to have entered into this agreement with the very experienced team at Terrace Mining,” Gunson Resources managing director Bill Blokingh said.
“It is entirely consistent with our stated strategy of using farm-outs to share risks, complement our internal skills, and accelerate development of our resources.
“The proposed metallurgical test program has the potential to create significant shareholder value if it is able to establish the viability of extracting the copper, cobalt and silver metal from the host mineralisation.”
Midas agrees terms for new JV over Mount Isa copper-gold targets
Midas Resources (ASX: MDS), through its wholly-owned subsidiary Hammer Metals, has reached an agreement on terms with private company Kabiri Resources for a proposal to farm into EPM18084 located near Mount Isa in NW Queensland.
EPM18084 adjoins Hammer’s Devoncourt and Duchess tenement applications to the south east of Midas’s Kalman copper-molybdenum-gold-rhenium deposit and secures magnetic and copper-gold geochemical anomalies considered prospective for copper-gold mineralisation of the Ernest Henry style.
Hammer has been granted an exclusivity period of 12 months to make a minimum exploration expenditure of $50,000.
At the end of the exclusivity period Hammer can elect to earn an 80 per cent interest in the tenement by spending an additional $200,000.
Once Hammer has earned this interest Hammer and Kabiri will form a joint venture whereby Kabiri will be free carried to completion of a pre-feasibility study at which time Kabiri can either contribute to project expenditure or convert its interest to a 1.5 per cent Net Smelter Royalty.
IronClad signs manganese JV
IronClad Mining (ASX: IFE) has signed a formal Joint Venture agreement with Trafford Resources (ASX: TRF) whereby IronClad has the right to earn an 80 per cent interest in all manganese over the Wilcherry Hill project area in the north of the Eyre Peninsula of South Australia.
The company said signing of this Agreement allows the Joint Venture parties to begin manganese exploration in earnest.
An initial exploration program is planned to commence early in the New Year.
“The signing of this agreement is an important milestone for the company,” IronClad Mining managing director Robert Mencel said.
“The inclusion of manganese and its synergy with the Wilcherry Hill iron project has the potential to add significant value to the company.”