Joint Venture announcements

THE BOURSE WHISPERER: They say that earning 50 per cent of a project is better than earning 50 per cent of no project.

New exploration Farm-in JV on Cue gold project

Parker Resources (ASX” PKR) has entered into a Farm-in Agreement to earn up to 90 per cent of E20/717, located near Cue in the Murchison of Western Australia.

The Tenement is west of and adjacent to the historic Big Bell line and approximately 10 kilometres north of the Big Bell Minesite.

Big Bell has produced approximately 2.6 million ounces of gold to date from both open cut and underground sources with resources and reserves still remaining.

The key terms of the Farm-in Agreement are:

Parker has the exclusive right to earn a 60 per cent legal and beneficial interest in the tenement by meeting the minimum annual expenditure commitments for the tenement in the two expenditure years;

Subject to completion of the Farm-in, Parker has the exclusive right to acquire a further 30 per cent legal and beneficial interest in the tenement by the payment of $1 million to the owner within 30 days of completing the expenditure requirements of the Farm-in;

In the event Parker makes a decision to mine a deposit located within the area comprising the tenement, Parker agrees to pay the owner: $1 million within 90 days of such a decision; One per cent gross revenue royalty; and

Parker agrees to reimburse the owner up to $30,000 for past expenditure incurred on the Tenement.

Royal acquires 100 per cent interest in George and Waterhouse West Projects

Royal Resources (ASX: ROY) has entered into an agreement with TSX-V-listed Aldershot Resources Ltd to acquire the remaining 24 per cent interest it does not control of the Aldershot-Royal Joint Venture.

The JV holds tenements associated with the George and Waterhouse West projects in the Pine Creek Geosyncline of the Northern Territory.

Royal has purchased Aldershot’s interest for $79,440, which will be subtracted from an existing debt owed to Royal by Aldershot.

Aldershot has elected to withdraw from Australian exploration to focus on its USA uranium properties.

With 100 per cent ownership Royal will now formulate a strategy for the future assessment of the area.

This may include attracting a joint venture partner to fund future drilling campaigns.

A recent review of historic exploration data, along with field reconnaissance work carried out by Royal has identified gold prospectivity at the George project and iron ore potential at the
Waterhouse West project.

“George’s gold potential was all but forgotten when uranium was discovered there in the 1950s,” Royal Resources managing director Marcus Flis said.

“With a cooling in the uranium sector, that potential is now being reassessed.

“Gold is certainly present in sometimes spectacular grades.

“Our work is focussed on finding a mineable accumulation of that mineralisation.

“The iron potential at Waterhouse West is something new and was identified by the Royal geological team.

“While exploration is at its very early stage, there are a number of targets that demonstrate either haematite or magnetite mineralisation in an area that is very close to existing infrastructure.”