More Info on ODY / MMY SPVFrom 2020 NR..
Unincorporated Joint Venture Agreement
Tuckanarra Resources (80%) and Monument Murchison (20%) have also entered into an unincorporated joint venture agreement in respect to the exploration and development of the Tuckanarra, on the following key terms:
- Tuckanarra Resources will be the manager of the joint venture;
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- A joint venture management committee will comprise of two members from Tuckanarra Resources and one member from Monument Murchison and will have the responsibility for overseeing joint venture matters, including a decision to mine;
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- Monument Murchison’s 20% interest is free carried until a decision to mine on the Tuckanarra Gold Project, following which the participant will contribute pro rata or dilute;
- If a decision to mine is made, the parties will form an unincorporated mining joint venture on certain agreed terms and subject to a separate mining joint venture agreement;
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- There is a pre-emptive right on disposal of joint venture interests and drag along and tag along rights;
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- Tuckanarra Resources and Monument Murchison have agreed to negotiate in good faith a processing arrangement on reasonable arm’s length commercial terms for Monument Murchison to process ore extracted by Tuckanarra Resources from the Tuckanarra or Stakewell Gold Projects at Monument Murchison’s Burnakura plant in Meekatharra, Western Australia; and
- Other standard terms and conditions for an unincorporated exploration joint venture including areas of interest and rights upon default by a participant (including an option to acquire a defaulting participant’s interest at fair market value).
Planned Exploration under the Unincorporated Joint Venture
Upon completion of the Transaction, work planned to develop the targeting profile for Tuckanarra in the near term will include:
- Reassessment and re-processing of historical high-resolution magnetics in the area;
- Potential sub audio magnetics ground geophysical survey;
- An updated 3D structural targeting model of the region;
- Confirmation of the drill database through on-ground work and reference to historical company reports;
- Re-interpretation of soil sampling data including potential infill lines;
- A target ranking exercise over the area; and
- Re-logging and re-assaying of drill core and samples where appropriate.
MURCHISON GOLD PROJECT DEVELOPMENT (BURNAKURRA AND GABANINTHA)
Murchison Gold Project is situated in the Meekatharra district.
The unique position in the Murchison Goldfields, where historically millions ounces of gold were delivered and major production from Westgold Resources and Ramelius Resources are still ongoing.
This together with the fully functional small size gold processing plant designed for high grade production that can be upgraded to larger capacity, makes Murchison Gold Project strategic and attractive as the recent success of Musgrave Minerals and Spectrum Metals highlights.