https://www.engineeringnews.co.za

Ramelius strikes deal with Newmont in Nevada

15th September 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Australian gold miner Ramelius Resources has struck a deal with US gold major Newmont Mining over its South Monitor land package, in Nevada.

Under the terms of a farm-in and joint venture (JV) agreement signed this week, Ramelius could earn an 80% interest in the South Monitor gold project by spending $8-million over an eight-year period, through a staged earn-in.

An initial $250 000 will be spent during the first year of the earn-in period, before Ramelius will be allowed to withdraw from the agreement, with Newmont retaining the right to claw back up to 70% equity in the project area.

Ramelius is planning to conduct infill drill testing around significant historical disseminated low sulphidation epithermal gold intersections at South Monitor, to confirm the mineralisation continuity and generate a Joint Ore Reserves Committee-compliant resource, as well as to test potential high-grade feeder structures below the gold intersections.

Deeper diamond drilling was also planned within the September quarter to test the predicted high-grade feeder structures.

The earn-in and JV agreement with Newmont is Ramelius’s second foray into Nevada, with the company earlier inking a similar agreement with TSX-listed Renaissance Gold over its Jupiter gold project, where Ramelius is earning a 75% interest by spending $3-million over a five-year period.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.077 0.135s - 156pq - 2rq
Subscribe Now