Ventor Resources has agreed to sell its 65% interest in the Thaduna/Green Dragon copper project to joint venture partner Sandfire Resources.
The deal will see Sandfire pay Ventor $2 million in shares and additional $1 million if it proceeds to mine the project.
Ventor will also receive a 2.0% Net Smelter Royalty (NSR) payable up to 90,000 tonnes of recovered copper production and an ongoing NSR of 1.0% on further production.
The Thaduna/Green Dragon Project is located 40km east of DeGrussa and is the largest copper resource in the Doolgunna-Bryah Basin Region together with Sandfire’s DeGrussa-Doolgunna Project.
The Thaduna/Green Dragon JV was initially signed on 4 December 2013, when Sandfire paid Ventor 3$ million for an initial 35% interest in the project, with the right to earn up to 80%..
Ventor said a portion of the proceeds will be used to fund the development of its prospects at the Black Dragon Gold Project.