PERTH (miningweekly.com) – Diversified junior Independence Group exercised its option over the Lake Mackay project area, in the Northern Territory, taking a 9% share interest in fellow-listed ABM Resources.
Independence and ABM in 2013 signed a farm-in and joint venture agreement over the Lake Mackay project area, under which Independence could either elect to pay ABM A$1-million in cash or to subscribe for A$1.5-million in ABM shares.
Independence had elected to take a shareholding in ABM, with the company receiving more than 33.9-million shares in ABM, priced at 4.42c each, for a 9% shareholding in the fellow junior.
Following the exercise of the option, Independence was now entitled to earn a 70% interest in the Lake Mackay gold tenements by spending A$6-million on the project area within the next four years.
The diversified junior has told ABM that it would start drilling operations within the Lake Mackay project before month-end, with initial drilling targeting the Bumblebee prospect.
“We are very pleased with Independence’s further substantial commitment to Lake Mackay and look forward to the next round of results from Bumblebee,” said ABM MD Brett Lambert.
Edited by: Samantha Herbst
Creamer Media Deputy Editor
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