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Magmatic, Blue Cap to jointly develop North Iron Cap gold project

Magmatic Resources Ltd. signed a 50/50 partnership and framework agreement with Blue Cap Mining Pty. Ltd. to develop the North Iron Cap gold project in Western Australia, according to an Aug. 26 news release.

Magmatic and Blue Cap also plan to enter into mining services and related funding agreements to bring the operation into production over the next six to 12 months.

The companies will complete a number of assessments and optimizations of the project, and Blue Cap will fund preproduction work.

Blue Cap will provide the required working capital for operations until the North Iron Cap project is cash flow positive from gold receipts.

Magmatic recently agreed to acquire North Iron Cap from North Iron Cap Pty. Ltd., which holds the gold rights in respect to M77/544, a tenement held by Western Areas Nickel Pty. Ltd.