Mincor Resources announced that a “Deed of Acknowledgment and Transfer of Information” was executed on 20 June 2016 between its 100% owned subsidiary, Goldfields Mine Management (GMM), and St Ives Gold Mining Company (SIG).
“The Deed addresses contractual rights to explore and mine gold on Location 48, Lots 11 and 12. This land is owned outright by GMM and hosts the Otter Juan, Durkin and McMahon Nickel Mines, all of which comprise Mincor’s north Kambalda Nickel Operations (currently dormant). Under historic contractual arrangements SIG held certain conditional contractual rights to gold over this area, rights which it inherited from WMC Resources Limited,” the company told the ASX.
“Under the Deed the parties acknowledge that SIG’s conditional rights to gold on Location 48 have lapsed. The Deed also provides for the transfer of any of SIG’s information on gold mineralisation in respect of Lots 11 and 12 to GMM. In return GMM has granted to SIG a first right of refusal to treat, process and/pr refine any gold bearing ore extracted by GMM from location 48.”
Mincor described the Deed as a “significant boost” to its gold strategy, greatly expanding the company’s gold potential at a time when its efforts have already yielded exciting results.
“Mincor has identified an estimated 238,000 ounces of gold in Mineral Resource on its landholdings and is currently evaluating these deposits,” reads the company’s ASX release.
“Over the coming months Mincor will conduct and evaluation of the gold potential of Location 48, which lies at the heart of the Company’s valuable Kambalda landholdings.”