THE BOURSE WHISPERER: As they say in the classics; it’s better to have 50 per cent of a project than 100 per cent of no project.
Binding Heads agreement signed
Catalyst Metals (ASX: CYL) has signed a binding Heads of Agreement with Navarre Minerals (ASX: NML) to enable Catalyst to earn a 51 per cent equity interest in the Tandarra gold project (EL 4897) located north of Bendigo in Victoria.
The companies claim the transaction will result in a regional consolidation of two of the most prospective greenfields gold projects in Victoria with the entire 60 kilometre strike length of the Bendigo North Goldfield coming under single management for the first time.
The rationalisation will enable synergy benefits and shared technology to be realised in both exploration and development stages.
As part of the same transaction, Navarre will transfer to Catalyst its interests in two gold projects owned by Castlemaine Goldfields (a subsidiary of LionGold Corp), which are subject to farm-in and joint venture arrangements between Navarre and Castlemaine.
Navarre has earned a 51 per cent interest in the Sebastian project (EL 4536 and EL 4974) and is earning a 51 per cent interest in the Raydarra project (EL 5266).
Navarre will receive a 1 per cent net smelter royalty on Catalyst’s entitlement to proceeds from future production from the Sebastian and Raydarra projects.
“The North Bendigo gold province is a recent virgin discovery under soil cover in Victoria with high grade gold mineralisation intersected at Four Eagles and Tandarra, which are 15 kilometres apart,” Catalyst Metals technical director Bruce Kay said.
“The agreement with Navarre means that Catalyst shareholders will directly benefit from any gold discoveries that are made in this 60 kilometre long corridor.”
Nordgruva JV copper zinc drilling commenced
Drake Resources (ASX: DRK) and its JV partner, Panoramic Resources (ASX: PAN) have commenced drilling at the Nordgruva copper/zinc prospect in Norway.
A single drill hole is targeting two strong off-hole conductors identified from drilling and down hole EM in 2013.
The stratigraphic position of the conductors which is in or in close proximity to gabbro amphibolite units and their characteristics and strength, suggest they could both represent massive sulphides of potentially substantial thickness.
Results are expected in July.
“Drake has three JVs with Panoramic Resources covering three copper/zinc provinces in Norway,” Drake Resources CEO Jason Stirbinskis said.
“In addition to the Nordgruva drilling, drilling at the Løkken JV project will commence in July and VTEM is planned for the
Sulitjelma JV in August.”
Drake also expects RC drilling to commence at its Seimana gold prospect in Guinea on 23 June 2014.
The1500m RC program is targeting 5 of 12 gold anomalies revealed from recent field sampling programs.