Cazaly Resources Limited (ASX:CAZ) Exercises Option on Goongarrie Gold Project
Joint Venture Agreement
Cazaly Resources Limited has initiated a staged earn-in joint venture with Brightstar Resources Ltd for up to an 80% interest in the Goongarrie Gold Project. The agreement requires Cazaly to invest an initial $1 million on exploration within 12 months to earn a 25% interest, followed by additional $1 million investments within subsequent 18-month periods to increase to 51% and then 80%.
Exploration Activities
The Goongarrie Project spans 12km of the Bardoc Tectonic Zone, known for multiple world-class gold deposits. Cazaly is planning various drilling programmes at the Duke of York and Hastings gold prospects, including reverse circulation (RC) drilling to validate historical gold intercepts. The company has also commenced re-processing aeromagnetic data to enhance target generation and is preparing for a regional aircore (AC) drilling campaign to explore under-explored areas along the BTZ.
Executive Comments
Cazaly’s Managing Director, Tara French, stated, “I am delighted to announce that Cazaly has exercised its option to earn up to 80% of the Goongarrie gold project. We’ve been diligently working through the legal requirements to establish the foundations of the joint venture and have advanced our knowledge and ongoing target generation at the project. We are eager to provide updates on our progress as we work towards securing approvals for access and are keen to get drilling as soon as possible. The recent success by Gorilla Gold at the nearby Lakeview prospect is a clear indication of the untapped potential in this district and we look forward to commencing our work.”
Motley Fool contributor Lauren Surplice 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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