Syndicated enlarges landholding in WA
PERTH (miningweekly.com) – ASX-listed Syndicated Metals has struck a joint venture (JV) agreement with unlisted Crest Investments Group 3 to earn up to an 80% interest in tenements along strike of its own Edjudina gold project, in Western Australia.
Under the terms of the JV agreement, Syndicated would pay Crest an initial A$25 000 on the execution of the agreement, and a further A$25 000 on the completion of a due diligence.
Syndicated would also be required to complete minimum expenditure on each of the tenements, as required by the Department of Mines and Petroleum, and keep the tenements in good standing, for a period of two years.
The ASX-listed junior would then free-carry Crest up to a decision to mine, at which time the JV partners would be obligated to contribute on a pro-rata basis or dilute their interest to a 1% gross revenue royalty on any mineral produced at the project, after the production of the first 200 000 oz of gold.
Syndicated has the option to buy out Crest after a decision to mine has been made for 80% of the net present value of that interest, with Crest to retain its 1% royalty.
“It’s not every day that you get to tie up significantly large ground packages that have demonstrated discovery potential and yet have been subject to very little exploration,” said Syndicated MD Bradley Drabsch.
“As the exploration environment in Western Australia becomes more mature, it’s these forgotten areas that hold the potential for significant discovery. Our approach to exploration is to conduct methodical, systematic and thorough work which will give the best chance for success in these regions.”
Activities planned for the acquired tenure will include a thorough review of publicly available data, culminating in a regional targeting exercise and first pass soil sampling survey.
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