|
|
In October 2007 Beaconsfield Gold and Mineral Sands Ltd (ASX: MSN), announced a farm-in agreement over Exploration Licence 4932, in the northern Otway Basin region of western Victoria, one of the tenements in Beaconsfield Gold's Stavely exploration project.
The Farm-In agreement allows Mineral Sands Ltd to earn 51% of the mineral sands interests of the above exploration licence by carrying out exploration expenditure of $100,000 within two years, with a minimum commitment of $48,300. Mineral Sands Ltd can earn a 75%, and then an 80% interest by further expenditures of $100,000 and $50,000, respectively. Upon Mineral Sands earning an 80% interest, Beaconsfield can either elect to contribute as a 20% partner in a joint venture, or convert to a 2% royalty on revenue from mineral sand production. Beaconsfield retains a 100% interest in all mineral rights on the tenement other than mineral sands.
Mineral Sands Ltd believe that the agreement covers an area where a strandplain is preserved in Tertiary sediments covering the gold-prospective Cambrian basement. They consider these sands are similar to the heavy mineral-bearing sands in the Murray Basin to the north and intend to test the heavy mineral potential of the farm-in area with a drilling program. This program will assist Beaconsfield Gold's exploration as the reconnaissance drilling will aim to also intersect basement rocks.
A reconnaissance aircore drilling program was partially completed by
Mineral Sands Limited late in 2007. A total of 1,486.5 metres was completed in
72 holes.
The program intersected interpreted littoral sequences with low levels of
ilmenite-dominated heavy minerals beneath lateritic duricrust. MSL plans to
complete the reconnaissance drilling in the June quarter.
Location of EL 4932
Digital terrain image showing curvilinear strandplain features, and EL 4932.
|
