www.mutinygold.com.au
Mutiny Gold (ASX: MYG) is a diversified resource company focused on the exploration and development of the company's gold, copper and nickel tenements in Western Australia.
Mutiny’s main focus is the Deflector gold copper deposit which is located within the Gullewa project where gold production is forecast from 2012.
Mutiny Gold executes agreement extending A$4m progress payment for Gullewa acquisition
Mutiny Gold (ASX: MYG) has elected to execute an agreement with Sherwin Iron (ASX: SHD) and Redhill Resources Corp (TSX-V: RHR) that provides for an extension of time for the next Gullewa acquisition progress payment until 24 August 2011.
John Greeve, managing director of Mutiny, commented on the reasons for the extension saying, “This agreement is an example of the terrific co-operation between the companies.
"Following the recent exciting exploration results at Deflector, reported to the ASX on 22 June, management have resolved to execute the extension agreement.
"This will enable Mutiny to fully inform investors of the progress of its ongoing exploration program and to provide the board with the time to consider all funding alternatives prior to making the $4m progress payment.”
The acquisition of Gullewa has provided a string of top exploration hits for Mutiny at the Deflector deposit.
Last week Mutiny discovered the best results yet at Deflector, which already has a JORC Resource of 590,000 gold ounces and 25,500 tonnes of copper.
The standout highlights at Deflector North, and within 270 metres of the current Deflector resource was a spectacular hit of 3 metres at 42.1 grams per tonne (g/t) gold and 2.3% copper from 120 metres.
Other highlights included:
- 12 metres 11.6 grams per tonne (g/t) gold and 2.2% copper from 84 metres;
- 4 metres at 8.0g/t gold and 3.3% copper from 81 metres; and
- 3 metres at 12.9g/t gold and 2.5% copper from 91 metres.
To follow-up on these positive intersections, Mutiny has already commenced new reverse circulation drilling in the area.
Boosting the potential size of the open pit, there was also a bonanza hit to the south of existing Deflector resource has extended the known depth of the high grade mineralisation, including; 1 metre at 72.2g/t gold and 1.2% copper from 126 metres.
