Sydney-based Ark Mines has confirmed that it has signed a binging heads of agreement to acquire the Glencoe gold project from NT Mining Operations, formerly known as Crocodile Gold Australia Operations (Newmarket).
The Glencoe Gold Project lies in the Pine Creek mineral field, about 120 kilometres south of Darwin and is within trucking distance of the Union Reef gold mill on flat, easily accessible terrain.
Under the terms of the heads of agreement, Ark Mines will pay $75,000 for the Glencoe Project, which will include bonds and other securities already paid or provided by Newmarket, as well as $100,000 upon the commencement of mining at the project.
According to the ASX announcement, the acquisition of the property will also include a 1% royalty from future gold sales.
“Ark’s strategy is to assemble a portfolio of advanced fold projects capable of near term mining and mine them as soon as is practicable,” said Ark Mines Managing Director Roger Jackson.
“Glencoe is an exciting addition to our Mt. Porter project and we intend to keep growing our gold portfolio through development of the prospective Frances Creek project and other potential acquisitions in our region of interest.”