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Cape Lambert signs farm-in over Wee MacGregor

2nd November 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Cape Lambert Resources has entered into a farm-in joint venture (JV) agreement with fellow-listed Argosy Minerals on a portion of the Wee MacGregor project area, in Queensland.

Under the terms of the agreement, Argosy could earn an 80% interest in the Wee MacGregor project by spending A$1-million on exploration over a two-year period, or on making a decision to mine at the project area.

Cape Lambert subsidiary Mining International would be free carried until Argosy reached a decision to mine.

Argosy on Monday said the farm-in was a good first step in rebuilding the company’s assets through targeted exploration on a prospective project on which early results would determine whether or not the farm-in should continue without significant expenditure.

The near-term strategy for the project area would be to delineate, define and upgrade the historic mineral inventory at the project area to a Joint Ore Reserves Committee-compliant resource and to define sufficient oxide and transition mineralisation to consider the viability of a potential small-scale mining operation.

The Wee MacGregor project comprised three granted mining licences some 60 km from Mt Isa. Reported historic production from the underground mining operation at the former Wee MacGregor mine delivered 2 731 t of copper and 1 535 oz of gold.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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