De Grey Mining Satisfies Initial AU$7 Million Minimum Spend at Western Australian Gold JV

MT Newswires Live10-10

De Grey Mining (ASX:DEG) satisfied an initial AU$7 million minimum spend commitment at its Egina gold project in Western Australia and can now earn a 50% joint venture (JV) interest in the tenements by spending an additional AU$18 million by June 2027, according to a Thursday filing with the Australian bourse.

In June last year, the company signed an exploration agreement with Novo Resources (ASX:NVO) covering the Egina project.

The mining company completed 34,180 meters of air core drilling, 9,129 meters of reverse circulation drilling, and a drone magnetic survey, the filing stated.

Once De Grey has earned a 50% interest in Egina, a JV will be formed, with customary funding and dilution rights applied to the company and Novo Resources, according to the filing.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment