https://www.miningweekly.com

Newmont designates Evrim’s Astro project for option

7th March 2019

By: Creamer Media Reporter

     

Font size: - +

Gold major Newmont Mining has designated the Astro project for option under the terms of an exploration alliance with Canadian junior Evrim Resources.

The Astro project is situated on the western margin of the Mackenzie platform, a basin which runs parallel to the Yukon and Northwest Territories border.

“The designation of the Astro project has met the alliance’s original goal; generating quality greenfield targets in terranes favourable for large scale gold deposits,” Evrim president and CEO Paddy Nicol said on Wednesday.

“This summer Newmont and Evrim have planned a $1.2-million exploration and drilling programme at Astro. The permitting process is well under way, and we look forward to the engagement of the local community within the Sahtu region.” 

Under the terms of the alliance, Newmont may elect to earn an 80% interest in a designated project by making staged cash payments totaling $600 000 to Evrim and solely fund exploration until it has defined a National Instrument 43-101-compliant prefeasibility study on a minimum two-million-ounce gold resource, over a ten-year period.

Evrim will be the operator for the initial $5-million in exploration expenditure.

Evrim may then elect to form a joint venture with Newmont on a respective 20:80 basis, whereby Evrim can maintain its equity interest in the project or elect to have Newmont fund a positive feasibility study and reduce Evrim’s equity interest to 15%. Thereafter, Evrim may elect to contribute its pro-rata share of adopted programmes and budgets or convert to a 2% net smelter return royalty of which 0.5% may be repurchased by Newmont for $10-million.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.092 0.126s - 90pq - 2rq
Subscribe Now