Mithril signs on for Nanadie exploration
PERTH (miningweekly.com) – Junior explorer Mithril Resources has signed a farm-in and joint venture (JV) agreement with fellow-listed Intermin Resources over the Nanadie Well copper/gold project, in Western Australia.
Under the terms of the JV, Mithril could earn an initial 60% interest in the project by spending A$2-million over the next four years. The company could earn another 15% by completing a further A$2-million in spending over the subsequent two years.
A minimum expenditure of A$250 000 was required in the first year of the JV, while a minimum yearly expenditure of A$250 000 would also be required under the first earn-in, increasing to A$400 000 while earning the further 15% interest.
The Nanadie Well project is estimated to host 36-million tonnes of ore, grading 0.42% copper for an estimated 151 506 t of contained copper.
Mithril MD David Hutton said that the JV agreement was consistent with the company’s new strategy of acquiring and exploring advanced base metal assets.
“Mithril has an excellent technical team and I look forward to their work quickly adding value to the Nanadie Well project for the benefit of our shareholders.”
Diamond drilling, which has never been undertaken at Nanadie Well, would be a priority for Mithril in order to underpin the development of a new geological model and the identification of high-grade targets for the deposit and the surrounding areas.
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