- Write by:
-
Tuesday, June 25, 2019 - 10:05:16 AM
-
1343 Visit
-
Print
Mining News Pro - Newmont Goldcorp plans to offload the 75-kilometre long Illaara Greenstone Belt in Western Australia to mineral exploration company Dreadnought Resources.
According to Mining News Pro - Illaara is an underexplored project 160 kilometres north-west of Kalgoorlie, containing four tenements and five target areas that include the large, 10 kilometres long gold anomaly.
Newmont’s initial interest in Illaara came from a 55-kilometre long gold-arsenic-antimony anomaly generated from regional regolith sampling by the Geological Survey of Western Australia, leading to the tenements being granted in 2016.
A change of corporate priorities created the opportunity for Dreadnought to acquire the project this month, according to the junior company.
Dreadnought, formerly Tychean Resources, will raise over $1.1 million to fund the acquisition and drilling at Ilaara, and for further exploration and diamond drilling at the Tarraji project.
The company is focused on gold exploration and resource development in the Eastern Goldfields in Western Australia and the Tanami region in the Northern Territory.
“Acquiring a project of this quality and with such potential scale is a significant achievement for Dreadnought. The drill ready Illaara Central anomaly is particularly exciting,” Dreadnought managing director Dean Tuck said.
“Illaara is a project that can be readily accessed all year round and compliments our Kimberley Tarraji-Yampi project in that Illaara can be worked during the Kimberley wet season. Dreadnought’s strategy is to progress high quality projects with genuine scale potential.”
The acquisition terms include reimbursement of external costs to date ($120,000), a 2.5 per cent net smelter royalty, assignment of any environmental liabilities and obtaining approvals for tenement transfers. The transaction is expected to complete within the next month.
Short Link:
https://www.miningnews.ir/En/News/390201
Mining News Pro - Alkane Resources has announced further results from its drilling program at the Kaiser deposit, which ...
Mining News Pro - Calibre Mining (TSX: CXB) posted another record quarter of production during Q2 2022, recording ...
Mining News Pro - Money is made in the discrepancy between price and value, says Rick Rule.
Mining News Pro - Gold miner Pan African Resources has announced that exploratory drilling into the down-dip extention ...
Mining News Pro - Meridian Mining has announced new results from its 25,000-metre drill program at its Cabacal ...
Mining News Pro - Newcrest Mining, which owns 70% of the Havieron gold-copper project in Australia, flagged on Thursday ...
Mining News Pro - Los Andes Copper reported on Thursday “excellent initial results” from ongoing drilling at its 100% ...
Mining News Pro - Battery Mineral Resources announced Tuesday encouraging drill core assay results from the 2021 drill ...
Mining News Pro - Ivanhoe Mines (TSX: IVN) said on Monday is expects to produce between 290,000 to 340,000 tonnes of ...
No comments have been posted yet ...