Dart Mining (ASX:DTM) is planning to develop a suite of Victorian gold mining licences by farming into a 50:50 joint venture with Northern Mine Ventures.
The move would signify a substantial step for Dart’s ambitions of expanding its current portfolio in northeast Victoria with a pipeline of low-cost gold projects that have near-term production potential in existing mining tenements.
Under the arrangement with Northern Mine Ventures, Dart is required to spend up to A$400,000 on a staged milestone basis on bulk sampling and 1,800 metres of drilling at three properties within the Phoenix gold prospect in central Victoria.
From this program, it is expected Phoenix will have an economic resource model permitting further detailed analysis and development toward a mining operation.
This financial commitment provides for $100,000 for two years of exploration in prospective areas outside of Phoenix.
If Phoenix development is successful, Dart may invest an additional $400,000 in the JV.
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