Cazaly Resources Limited (ASX:CAZ) Secures Joint Venture on Advanced Gold Project in WA
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 Highlights
The Goongarrie Gold Project spans a 12km strike of the Bardoc Tectonic Zone-Boulder Lefroy Shear Zone, hosting multiple world-class gold deposits. Key prospects include Hastings with a 38m intercept at 3.1g/t gold and Duke of York with significant anomalous gold intercepts.
Investment and Exploration
Cazaly plans to invest up to $3 million on exploration activities to earn staged equity in the project. The initial $1 million will secure a 25% interest, followed by additional investments to reach up to 80%.
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. We are pleased to have entered into the agreement for nil cash or scrip consideration with all funding going ‘into the ground’.”
Motley Fool contributor Kiarra Jackson 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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