Cazaly exercises Goongarrie option
Perth-based Cazaly Resources on Tuesday announced that it had exercised an option to proceed with an earn-in and joint venture (JV) with fellow ASX-listed Brightstar Resources at the Goongarrie gold project near Kalgoorlie.
Cazaly will have to spend an initial A$1-million within 12 months to earn a 25% interest, followed by a further commitment of A$1-million within 18 months for a 51% interest and A$1-million in the following 18 months to take its interest to 80%.
“We’ve been diligently working through the legal requirements to establish the foundations of the JV and have advanced our knowledge and ongoing target generation at the project,” said Cazaly MD Tara French.
She stated that the company was working towards securing approvals for access and that it was keen to get drilling as soon as possible.
“The recent success by Gorilla Gold at the nearby Lakeview prospect is a clear indication of the untapped potential in this district and we look forward to commencing our work,” stated French.
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