Enterprise Metals' (ASX: ENT) Darlot gold and base metals project tenements in Western Australia have received a vote of confidence with Independence Group NL (ASX:IGO) Market Cap: $756 million farming into the project.
Now no doubt tempting Independence Group, is that Enterprise Metal's Darlot has geological similarities to VMS mineralisation encountered at Jaguar, Teutonic Bore and Bentley.
Given Independenc's knowledge of the geological setting of the Jaguar/Bentley copper-zinc-silver deposits, would be a significant carrot to successfully exploring and threading the needle at the Darlot project area.
The Darlot Project covers an area of 740km2 and is located about 40km east of Leinster and lies to the northwest of the Darlot gold mine in the Yandal Greenstone Belt.
The project is considered prospective for high grade orogenic gold deposits and VMS style copper/zinc base metal deposits.
In broad terms, the deal is as follows:
- IGO is required to spend a minimum of $497,500 on exploration over 12 months prior to commencement of earn-in.
- IGO may elect to earn a 51% interest in the project by spending a further $1.2 million.
- IGO may earn up to an 80% interest in 14 tenements and a 70% interest in 2 tenements by sole funding and completing a pre-feasibility study on JORC compliant Inferred Mineral Resource, and forming a Joint Venture.
So while Darlot has significant potential the project is non "core" for Enterprise which is focusing on its Fraser Range (nickel-copper) and at Doolgunna (copper-gold) projects.
Enterprise is also looking at possible divestments or venturing of its other non-core projects in Western Australia.
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