Unincorporated contractual joint venture with Citigold Corporation Limited over ML1424, ML1430, ML10032 and ML10042, covering approximately 128.0 hectares about 7km southwest of Charters Towers and 2km north of Blackjack. NMR has exclusive proving-up rights and sole operational control, subject to approvals, and may elect to mine and process through Blackjack after assessing final drilling and assay results. Citigold retains the tenements and responsibility for their standing and environmental authority. Queensland mineral royalty and unrecovered costs are deducted from each smelt before surplus is shared 50:50; eligible NMR costs include an 8% margin on specified categories and unrecovered costs carry forward. Mining is not assured; an election not to proceed terminates the agreement. After electing to proceed NMR may terminate on at least 30 days notice, subject to safety, removal and rehabilitation obligations.
- Country
- Australia
- Commodity
- Au
- Stage
- Exploration