Ballarat,
This Amended Agreement now provides for a 2-stage exploration earn-in and option to joint venture agreement ("Joint Venture Agreement") focused on exploration activities on White Rock's Mt Carrington gold-silver-base metal project ("Project"). Under the Amended Agreement Thomson will still be able to earn up to 70% of the Project in two stages and, at Thomson's election, to form a Joint Venture to then fund on a pro-rata basis, mine development and further exploration of the very prospective Mt Carrington leases for gold-silver and base metal mineralisation (see end of this Release for transaction details).
The Mt Carrington,
Thomson has aggressively pursued a consolidation strategy in this region to bring these and other key resources together into an overarching project with a large precious metal (silver-gold), base and technology metal (silver, zinc, lead, copper, tin) resource base that could be potentially developed and centrally processed under Thomson's "New England Fold Belt Hub and Spoke Strategy" ("NEFBHS") (Figure 1*).
"The work we have been able to undertake during the first phase of the earn-in agreement has given us a really good feel for and understanding of the Mt Carrington site and how best to develop the Project.
We consider that the whole Project has a lot of unrealised base metal potentiality along with the silver and gold. By pursuing solely the gold first production this value would not be captured.
"Further we really think that the broader Mt Carrington polymetallic picture will fit in well with our New England Fold Belt Hub and Spoke strategy and we have been keen to explore this further. This has not been possible under the structure of the original agreement.
"Thomson appreciates White Rock's understanding of our thinking on this and in supporting us with a restructure of the earn-in terms to enable this exploration opportunity to happen.
"We strongly believe that Mt Carrington has the potential to become an important part of our centralised processing approach, which in turn will provide a stronger future for the
"White Rock is extremely pleased to continue to partner with a visionary group like
The JV partners have worked extremely well together, sharing a common vision for this project, and we wish to see this alliance continue. They have a clear strategy to unlock the potential from the consolidation of various gold and silver assets in and around our advanced Mt Carrington project in NSW.
We also believe that a re-focus on the broader exploration potential of the Mt Carrington project can unlock further value and enhance the project's development and success.
"With the merger between White Rock and
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/YMPFN319
About
Contact:
Mr
Managing Director and CEO
info@whiterockminerals.com.au
Mr
Media and Investor Relations
alexc@nwrcommunications.com.au
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