IronClad to hunt for manganese at Willcherry Hill
PERTH (miningweekly.com) – ASX-listed IronClad Mining has entered into a joint venture (JV) agreement with fellow-listed Trafford Resources, which would see IronClad earn an 80% interest in the manganese at the Wilcherry Hill project area.
IronClad said on Thursday that the exploration and development of manganese at Trafford’s Wilcherry Hill operation would have strong synergies with the company’s own Wilcherry Hill iron-ore operation, which was currently under development.
Stage 1 production at the Wilcherry Hill operation would see around one-million tons a year of direct shipping ore (DSO) being produced, increasing to two-million tons a year by the second year of operation.
Stage 2 of the Wilcherry Hill project would increase production to between four-million and five-million tons a year of iron-ore, by combining Wilcherry Hill magnetite concentrate with the DSO product.
IronClad MD Robert Mencel said this week that the JV was a very exciting development for the company, and noted that the addition of manganese to the project had the potential to add significant value to Wilcherry Hill.
Under the terms of the JV, IronClad would be required to complete 4 000 m of reverse circulation drilling within 12 months of the JV agreement being signed. The company would also have to pay A$250 000 on signing the agreement.
The ASX-listed junior could earn its first 50% in the project tenements by spending A$1-million within one year from the date of the agreement. An additional 30% interest could be earned if IronClad spent a further A$2-million over the following two years.
Upon IronClad reaching this milestone, Trafford’s shareholding in the project would be free carried up until a decision to mine, at which point Trafford could either contribute to expenditure or dilute its shareholding to a minimum 10% before converting to a 2% gross revenue royalty.
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