Rum Jungle signs deal with Toro
PERTH (miningweekly.com) – Uranium developer Toro Energy and fellow-listed Rum Jungle Resources have signed a farm-in agreement over the potash and related evaporate mineral rights for Toro’s Lake Mackay project, in Western Australia.
The Lake Mackay project consists of four exploration licences covering some 400 km2 of surface area. Toro’s previous shallow drilling had confirmed the presence of brine in the lake subsurface, with potassium, magnesium and sulphur concentrations similar to other potash brine systems in central Australia.
Rum’s objective is to drill deeper to access the potential for a sustainable potash resource.
Under the terms of the farm-in agreement, Rum Jungle would spend a minimum of A$250 000 in the first year, to earn a 51% interest in the potash and other mineral rights.
The company could spend a further A$750 000 in the second and third year of the agreement to increase its stake to 80%, at which point Toro could elect to maintain its 20% interest and contribute to further expenditure.
Toro would retain all other mineral rights on the property.
MD Vanessa Guthrie said on Tuesday that the heads of agreement would allow the exploration momentum to continue at Lake Mackay in a manner that provided some capital efficiency to Toro.
“This is consistent with Toro’s strategy of developing a pipeline of highly prospective uranium exploration tenements to support the company’s growth strategy,” she said.
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