Lodestar signs farm-in over WA projects
PERTH (miningweekly.com) – Base metals explorer Lodestar Minerals has entered into a farm-in agreement with Australian Mines over the Ned’s Creek and Marymia tenements, in Western Australia.
The farm-in agreement would cover the non-gold interests over both project areas, and would be worth some A$3.3-million.
Under the terms of the agreement, Australian Mines paid an initial A$1-million to Lodestar on the signing of the agreement, and would have to spend a minimum of A$150 000 on exploration within the next six months.
If the company exercised its option to continue with the farm in, a further cash payment of A$250 000 would be payable to Lodestar.
Australian Mines would acquire a 51% interest in all minerals found at the two project areas, apart from gold, by spending a total of A$1-million on exploration within an initial two-year period.
Following this, Australian Mines could acquire an additional 29% interest in the tenements by spending a further A$2-million on exploration within a further 24-month period.
Once the farm-in partner had satisfied its earn-in obligations, Lodestar could elect to contribute on a pro-rata basis or to dilute its interests in the projects.
The Ned’s Creek project comprises four tenements and has received limited previous exploration for either base metals or gold.
The Marymia project also comprises four tenements covering some 75 km, and has been the subject of limited exploration for gold and diamonds.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
