Trident Royalties PLC (AIM:TRR) hailed two “significant developments” over two royalties it holds over gold projects in the Pilbara region of Western Australia.
First, the mining royalty and streaming company confirmed that the size of the tenure included in the royalty zone at Warrawoona now totals 153.52 sq km.
Trident holds a 1.5% net smelter royalty (NSR) over a number of tenements which host a portion of the resource and exploration prospects at Warrawoona, where operator Calidus Resources has recently carried out tenement reconciliation and re-pegging activity.
The company also noted a recent announcement by Novo Resources Corp (TSX-V:NVO, OTCQX:NSRPF) pertaining to positive drill results from an inaugural drilling programme at the Talga Talga gold project, 35km north of Warrawoona, over which Trident holds a 1.5% NSR.
Novo is targeting shear related lode gold mineralisation within a 3km long target corridor, said Trident chief executive officer Adam Davidson.
He said the Warrawoona tenement size now provides coverage for “at least 16 high priority exploration targets” as well as mining licence M45/1290 which holds the eastern extension of the planned Klondyke open pit gold mine, which is currently fully financed and under construction.
This extension, known as Klondyke East, has been scheduled for exploitation in Year 3 of the Warrawoona mining schedule, Davidson added.
He noted that Novo had previously highlighted the potential for Talga Talga material to be mechanically upgraded and trucked to its Nullagine Project for processing which provides a potential near-term avenue to cashflow from the royalty.
“We are pleased with the continued positive development of royalties underlying Trident's precious metals allocation in its portfolio and look forward to additional positive news flow from operators in the coming months,” Davidson concluded.