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.
Thunder Bay North Earn-in and Option to Joint Venture
Panoramic Resources’ (ASX: PAN) wholly-owned subsidiary, Panoramic PGMs (Canada) has signed an Earn-in with Option to Joint Venture Agreement with Rio Tinto Exploration Canada (RTEC), a wholly-owned subsidiary of Rio Tinto (ASX: RIO).
The deal will result in the two entities consolidating their respective Platinum Group Metal (PGM) projects in Ontario, Canada.
The consolidation includes Panoramic’s Thunder Bay North project and RTEC’s Escape Lake project.
Escape Lake is surrounded on all sides by Panoramic’s project.
RTEC has an option to spend up to CAD$20.25 million over the next five and a half years to earn a 70 per cent interest in Thunder Bay North.
If RTEC do so, Panoramic will acquire a 30 per cent interest in Escape Lake.
Panoramic has been granted certain rights to acquire 100 per cent of Escape Lake in the event RTEC does not proceed with the Earn-in/JV.
“Panoramic believes RTEC’s interest in the Thunder Bay North project and the terms of the proposed Earn-in/Joint Venture demonstrate the potential of the consolidated property,” Panoramic Resources said.
“Panoramic believes the consolidation of the Thunder Bay North and Escape Lake projects potentially gives the consolidated project significant critical mass.”
Farming into German potash
Potash West (ASX: PWN) is earning an interest in a potash project in Germany.
PWN has the right to earn up to 55 per cent of the JV by funding early exploration.
The licence applications are located in the South Harz potash district, a region where potash has been mined since 1896 and is still being produced.
Over 500 million tonnes of potash ore was extracted from the South Harz region, producing over 100 million tonnes of potash fertiliser.
The JV has applied for two exploration licence areas, both of which have historical drilling that intersected potash mineralisation over large areas.
Silver Lake buys out Newcrest Mount Monger stake
Silver Lake Resources (ASX: SLR) has struck a deal with Newcrest Operations Limited to acquire Newcrest’s (ASX: NCM) 15 per cent satke in the Mount Monger Joint Venture, which includes the Majestic and Imperial projects located 35 kilometres south east of Kalgoorlie in Western Australia.
The acquisition will take Silver Lake’s ownership in the project to 100 per cent.
Consideration for the JVI is $1.527 million cash payable in 2 tranches: Tranche 1: $1.027 million (paid); and Tranche 2: $500,000 payable on completion, which is expected to be 5 December 2014.
“A plan is in place to drill test to the west of the Imperial deposit,” Silver Lake said.
“Re-interpretation of previous geophysical work suggests that there is possibly another mineralised structure in the hangingwall of the Imperial deposit.
“Silver Lake is performing mining method and optimisation studies for both the Majestic and Imperial deposits.”
Stonehenge signs MoU with Korean resources development company
Stonehenge Metals (ASX: SHE) has signed a non-binding memorandum of understanding (MoU) with a KOSDAQ listed resource development company, Korea Resources Investment & Development Inc (KORID).
The company explained the MoU provides a framework for it to negotiate a binding term sheet agreement, which would set out the key terms of a Joint Venture (JV) between KORID and Stonehenge.
The purpose of the JV is to accelerate the development of the mineral exploration rights and properties held by the wholly-owned Korean subsidiary of Stonehenge, Stonehenge Korea, with a particular focus on the vanadium and uranium potential of the company’s Daejon project.
“The MoU with KORID is a pivotal event for Stonehenge in Korea,” Stonehenge Metals chairman Richard Henning said.
“This document outlines the broad terms and principles upon which Stonehenge and KORID can confidently negotiate a binding agreement.
“A JV with KORID would materially enhance our efforts to extract value from the significant vanadium and uranium potential at Daejon.”