Genesis strikes JV with Kin
PERTH (miningweekly.com) – ASX-listed Genesis Minerals has entered into a farm-in and joint venture (JV) agreement with fellow-listed Kin Mining over the Desdemona South gold project, in Western Australia.
Under the terms of the agreement, Gensis could earn an initial 60% interest in the project by spending A$1-million on exploration over more than four years.
If Kin elected not to contribute to form a JV at this period, Gensis could increase its holding in the project to 70% at Kin’s election. The junior could increase this shareholding to 80% by spending a further A$1.6-million on the project area.
The Desdemona South project area is immediately north and contiguous with Genesis’ Ulysses gold project, and includes a range of exploration targets.
MD Michael Fowler on Tuesday said that the farm-in and JV agreement represented a logical and strategic addition to the company’s regional gold exploration footprint.
“This gives Genesis an opportunity to test a highly prospective and under-explored package of ground located immediately north of our existing resource base at Ulysses. It is consistent with our strategy of acquiring and consolidating prospective ground and assets in the Leonora district that will help us to grow our resource base and establish the foundations for us to build a long-term gold business.”
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