Cazaly Resources (ASX:CAZ) Secures Joint Venture for Goongarrie Gold Project
Joint Venture Agreement
Cazaly Resources Limited (ASX: CAZ) has entered into an exclusive binding agreement with Brightstar Resources Ltd (ASX: BTR) to earn up to 80% equity in the Goongarrie Gold Project located in Western Australia’s Eastern Goldfields.
Project Details
The Goongarrie Project spans 12km of the Bardoc Tectonic Zone-Boulder Lefroy Shear Zone (BTZ), known for multiple world-class gold deposits. High priority drill targets include the Hastings prospect, which shows gold mineralisation over more than 1km, with anomalous intercepts such as 38m @ 3.1g/t gold.
Exploration Plans
Cazaly plans to invest up to $3 million in exploration to progressively earn up to 80% of the Goongarrie Project. The exploration program will focus on testing prioritised gold targets once all stakeholder approvals are in place.
Executive Comments
Managing Director Tara French stated, “The Goongarrie gold project presents Cazaly with an outstanding opportunity to explore for new gold resources in a multi-million-ounce gold district. The sizeable land package has multiple gold targets and is largely untested at depth. We are very much looking forward to generating new gold targets and drill testing the existing prospects. With the gold price breaking A$4,600 oz for the first time, and with a positive pricing outlook, it’s the perfect time for Cazaly to get back into gold. We are pleased to have entered into the agreement for nil cash or scrip consideration with all funding going ‘into the ground’. We look forward to advancing this project and to working closely with our new partners at Brightstar to maximise value for shareholders.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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