St Barbara signs up for Catalyst project
PERTH (miningweekly.com) – Gold miner St Barbara has reached an agreement with fellow-listed Catalyst Metals to acquire a 50% interest in that company’s Drummartin project, in Victoria.
Under the terms of the agreement, St Barbara would be required to spend no less than A$3.5-million on the project area within a 48-month period, with the gold miner only able to withdraw from the agreement after spending at least A$1-million over the first two years.
Catalyst technical director Bruce Kay said that the joint venture (JV) with St Barbara was a continuation of the company’s strategy over the last six years of sharing exploration risk and providing the best return on shareholder funds.
“We are pleased to now have St Barbara as both a JV partner as well as major shareholder, and believe that they will bring new technical skills to our exploration effort.”
The Drummartin project is an early-stage greenfield exploration area near the Four Eagles gold project, and some 60 km from the Fosterville gold mine. It comprises 648 km2 of tenements.
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