ActivEX finds backing for Ravenswood gold project
The company has finalised a joint venture and farm-in agreement with unlisted company Ballymore Gold, which would see Ballymore spending up to $2 million to assess and explore the land package.
In addition to earn-in rights under the agreement, Ballymore has the option at any time to acquire 100 per cent interest in the Ravenswood project for $5 million (cash and/or scrip).
In a statement to the market today, ActivEX said it looked forward to working with Ballymore to unlock the full mineral potential of the Ravenswood gold project.
It said that Ballymore had already commenced field-based exploration.
The Ravenswood deal comes after ActivEX last month announced a strategic alliance with Ausmex to assess and acquire gold processing facilities in the Cloncurry area.
ActiveEX holds a range of Queensland projects including thes Cloncurry copper and gold project, which covers more than 1090sq km across 13 tenements.
Its Ravenswood gold agreement means Ballymore must spend an initial $200,000 within a year to conduct a review of pre-existing data, a regional assessment of the project and an initial assessment of known prospects.
It may elect to earn 51 per cent equity (initial interest) by spending a further $300,000 on exploration and development, entering a joint venture agreement.
By no later than 30 days from the time Ballymore earns the initial interest ActivEX must notify Ballymore in writing whether it will contribute 49 per cent to future project funding to maintain its interest
If it does not Ballymore may earn a further 29 per cent interest (total interest 80 per cent) by agreeing to sole fund exploration to an amount of
$2 million (inclusive of the Initial Interest spend of $500,000).
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