JINDALEE RESOURCES LIMITED (ASX: JRL) (Jindalee, the Company) is an Australian exploration company with Tier 1 lithium deposits in its portfolio in the United States. The Company’s core goals are to discover world-class mineral deposits and generate shareholder wealth. The United States is one of the largest marketplaces for lithium demand, and Jindalee is a leading company committed to help meet future demand. The Company is focussing efforts into developing its McDermitt lithium deposit. Jindalee Resources was listed on the Australian Securities Exchange (ASX) on 11th July 2002 and raised AUD 2.70 million. Now, it is a pure-play United States lithium company. Jindalee’s Projects: In June 2018, the Company acquired McDermitt and Clayton North, two lithium sediment projects in the United States. Both projects are 100% owned by HiTech Minerals Inc., a wholly owned, US-based subsidiary of Jindalee. Several factors attracted the Company’s interest in these projects including: Potenti...
Platina Resources Limited signed a Joint Venture agreement with Chalice Mining for the Mt Narryer Gold Project
PLATINA RESOURCES LIMITED (ASX: PGM) (Platina or the Company) is a mineral resource exploration company based in Western Australia. The Company has inked a JOINT VENTURE AGREEMENT WITH CHALICE MINING LIMITED, a mineral exploration and development company, to operate the Mt Narryer Gold Project.
Terms of the Joint Venture
- Stage 1 earn-in: Initially, Chalice Mining will earn a 51% INTEREST in the project by investing AUD 600,000 within two years, which must include at least AUD 150,000 in the first year
- Stage 2 earn-in: Chalice Mining can acquire an additional 24% INTEREST in the project by investing an extra AUD 1.8 MILLION within the next two years
- Platina free cost carry: Once Chalice Mining has obtained a 75% INTEREST in the Project, Platina Resources Limited will continue to be free cost carried until the Pre-Feasibility Study is completed
- Contribute & Dilute: After the Pre-Feasibility Study is completed, the funding for the project will switch to a standard contribute or dilute joint venture model. If Chalice Mining earns a 90% INTEREST in the project, then the 10% INTEREST owned by Platina Resources will be converted to a 1% NET SMELTER ROYALTY
- Pre-emptive rights: Both parties involved in the joint venture will have pre-emptive rights over the other party’s interest in the joint venture. It means one party can sell its stake to a third party, but the other party will have the opportunity to match the offer under equal conditions
- Operator: Under the joint venture terms, Chalice Mining will hold the operator position
About Chalice Mining Limited
CHALICE MINING (ASX: CHN) is a recognised mineral explorer and developer. It is situated in the Western Yilgarn Craton, about 480 km south of Mt Narryer. The Company made a significant discovery of a new GREENFIELD PGE-NICKEL-COPPER-COBALT-GOLD deposit in March 2020 at its Julimar Project. Chalice has a market capitalisation of more than AUD 2.2 BILLION.
About the Mt Narryer Gold Project
The Mt Narryer Gold Project is located 300 KM northwest of Platina Resources’ Challa Gold Project. The Project is situated on the fringe of the YILGARN CRATON, a highly productive province for gold and base metals extraction. It covers an area of 165 SQUARE KILOMETRES. The Mt Narryer region has not been extensively explored for mineral deposits in the past because there is a LACK OF VISIBLE OUTCROPPING ‘GREENSTONES’ in the area. These greenstones are the host rocks for most of the gold and base metal deposits discovered in Western Australia.
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