Corryong based gold, copper, molybdenum and silver explorer Dart Mining has announced that it has entered into a farm-in exploration development joint venture agreement (JVA) with Northern Mine Ventures (NMV).
The terms of the JVA will require Dart to provide up to $400,000 as staged, farm-in payments over a two year period and acquire a 50% ownership interests in NMV-owned mining licenses MIN5246, MIN5306, MIN5538 and exploration licenses EL4697 and EL5315, all located in Central Victoria and the historically rich Northeast Victorian goldfields’ area.
According to the ASX announcement by Dart Mining, the objective of the joint venture is to systematically explore the Tenements with a view to identifying and developing profitable gold mining operations.
“It is the JV’s intention that Dart’s $400,000 contribution will be expended on a staged milestone basis on the initial JV target within MIN5246, MIN5306 and MIN5538 known as the Phoenix prospect at Rushworth, in Central Victoria,” reads the ASX announcement.
“The expenditure will finance an initial Phoenix program comprising bulk sampling followed by a 1,800m exploration drill program. From this program, it is expected Phoenix will have an economic resource model permitting further detailed analysis and development toward a mining operation.”
The JVA also contains a provision which states that if the Phoenix milestone results are positive, Dart will pay further $400,000 – structured as up to $200,000 equity contribution and up to $200,000 secured interest bearing loan – to NMV to enable the joint venture parties to fund the further milestone tasks.
“The NMV JV signifies a substantial step in building a pipeline of low cost gold projects with near term production potential from within exiting mining tenements, adding to the existing projects within Dart’s own tenements in Northeast Victoria,” Dart Managing Director James Chirnside said.
“The JV also adds to a highly prospective portion of the historic Beechworth Goldfield, also located in Victoria’s northeast.”