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.

Ventnor-Sandfire JV settles

Ventnor Resources (ASX: VRX) advised the market the JV agreement between it and Sandfire Resources (ASX: SFR) has settled following satisfaction of the last of the conditions precedent.

The Transaction comprises a farm-in, funding and toll treatment agreement with Sandfire to advance Ventnor’s Thaduna/Green Dragon project to production, utilising Sandfire’s facilities at its DeGrussa copper project.

Sandfire has now acquired a 35 per cent interest in the project following an upfront payment of $3 million which has been used by Ventnor to discharge outstanding loans secured over the project and fees.

Sandfire will now manage and sole fund the development of the project and may earn up to 80 per cent interest in consideration for further expenditure of $6 million.

Laneway signs MoU to process test ore

Laneway Resources (ASX: LNY) has signed a binding Memorandum of Understanding with JKO Mining Pty Ltd to complete a metallurgical test sample through JKO’s CIL plant at Georgetown.

The CIL plant is located 90 kilometres to the north of Laneway’s Agate Creek gold project in Queensland.
Laneway recently completed drilling and sampling activities over a small area of the Sherwood deposit at Agate Creek to outline a bulk sample of high-grade surface ore.

Based on the drilling and sampling program, approximately 4,000 tonnes at 9g/t gold (before mining dilution) has been outlined to form the basis of the bulk test.

Following the results from these activities Laneway entered into a binding MoU with JKO to mine, transport and process the ore.

Laneway said this was a significant milestone for the company as it provides the opportunity to process the ore from Sherwood on a plant scale, which if successful will form a baseline for feasibility studies potentially leading to full scale mining, processing and ongoing cashflow.

Platypus farms into Gobbos

Platypus Minerals (ASX: PLP) has signed an agreement with Gondwana Resources (ASX: GDA) to farm into and earn a 75 per cent interest in granted exploration licence E45/3326 located 40 kilometres NE of Nullagine in the East Pilbara region of Western Australia.

Platypus is farming into the licence through its wholly-owned subsidiary Southern Pioneer.

The company said its attraction to the deal is the Gobbos prospect, a strongly defined Archaean copper-porphyry prospect marked by coincident geological, geochemical and geophysical signatures on the northern flank of the McPhee Dome in the Pilbara Craton.

Platypus considers Gobbos represents an opportunity to drill an untested, long-standing, advanced copper-porphyry target in Western Australia.

Caravel inks deal with First Quantum Minerals

Caravel Minerals (ASX: CVV) has entered into a non-binding letter of intent (LOI) with TSX-listed company, First Quantum Minerals.

The transaction proposed under the LOI will secure Caravel the support of First Quantum to accelerate the exploration and development of the company’s Calingiri copper-molybdenum project in Western Australia.

First Quantum will be issued with shares in Caravel in return for a $1.25 million investment in the company, acquiring a cornerstone 12.9 per cent stake.

In addition, the two companies will enter into a Technical Cooperation Agreement, which will enable Caravel to access First Quantum’s geological, operational and technical expertise and accelerate the exploration and evaluation of the Calingiri project.

First Quantum operates seven mines and is developing five projects worldwide.

First Quantum currently produces copper, nickel, gold, zinc and platinum group metals across Australia, Africa and Europe.

“The agreement with First Quantum represents a major milestone for the company and we greatly appreciate the significant financial and technical commitment,” Caravel Minerals chief executive officer Marcel Hilmer said.

“It is clearly evident that First Quantum have formed the view that Calingiri has the potential to emerge as a major new copper mining district right on the doorstep of Perth.

“The cash proceeds from the issue of shares to First Quantum will support our current and upcoming exploration programs at Calingiri while the Technical Cooperation Agreement will enable us to access one of the best technical and geological teams in the world to help us evaluate the potential of a large-scale, large-tonnage copper-molybdenum project.

“We are looking forward to a long and successful relationship with First Quantum as we work together to unlock the potential of the Calingiri project.”