Legacy Minerals signs agreement with Aurelia Metals for Cobar Project

Legacy Minerals has signed a binding earn-in and farm-in statement with Peak Gold Mines, a afloat owned subsidiary of Aurelia Metals, regarding its Cobar Project successful New South Wales (NSW), Australia.

Aurelia’s beingness successful the Cobar Basin, with adjacent operations specified arsenic the Peak Mine and associated processing facilities, offers the imaginable for immoderate discoveries astatine the task tract to advancement done to development.

Under the presumption of the agreement, Aurelia Metals tin gain an archetypal 51% involvement successful the Cobar Project by backing A$500,000 ($358,690) of exploration wrong 2 years from the commencement date.

If Aurelia proceeds to signifier two, it whitethorn summation its involvement to 90% successful aggregate by providing an further A$1.5m for exploration activities wrong 5 years from the aforesaid date.

Following this, Legacy Minerals volition clasp a 10% associated task participating involvement oregon a nett smelter instrumentality royalty connected golden and basal metals produced from the site.

The Cobar Project comprises contiguous exploration licences (ELs) EL9511 and EL9858.

The Cobar Basin, wherever the licences are located, is recognised for its copper, gold, lead, zinc and metallic resources, and supports a long-standing mining workforce and infrastructure.

The engagement of Aurelia Metals, which operates mines and processing facilities and employs a locally experienced workforce, is expected to alteration immoderate discoveries astatine the Cobar Project to advancement from exploration to imaginable development.

The statement forms portion of Legacy Minerals’ attack to advancing projects extracurricular its main portfolio by moving with established partners, portion inactive maintaining an involvement successful immoderate aboriginal exploration success.

During the earn-in period, Legacy Minerals volition absorption its expertise and fiscal concern connected progressing its superior Mt Carrington gold-silver asset.

In the lawsuit Aurelia withdraws from the agreement, immoderate exploration oregon mining information gathered volition instrumentality to Legacy Minerals, allowing the institution to clasp the benefits of erstwhile work.

Legacy Minerals CEO and managing manager Christopher Byrne said: “Securing Aurelia Metals arsenic our earn-in spouse astatine the Cobar Project is simply a strategically important result for Legacy Minerals shareholders.

“Aurelia is 1 of the astir established operators successful the Cobar Basin, and its enactment to sole-fund up to A$2m of exploration implicit 5 years provides a meaningful find accidental for our shareholders.”

"Legacy Minerals signs statement with Aurelia Metals for Cobar Project" was primitively created and published by Mining Technology, a GlobalData owned brand.