Iberian Minerals Ltd. said March 28 that its Mineworx Technologies subsidiary entered into a binding letter of intent to form a joint venture with Coronet Metals Inc. to process gold-bearing historical tailings and mine dumps at the latter's White Caps gold project in Nevada.
An estimated 250,000 tonnes of tailings will be processed under the deal, with Mineworx applying its exclusive license over the noncyanide leach formula of EnviroLeach Technologies.
Under the terms, Coronet will provide all necessary funding for the testing and project development.
Upon starting commercial production, the joint venture will share all costs and all profits on a 50/50 basis until Coronet has fully recovered its investment in testing and development costs.
Mineworx's share of the joint venture will be reduced to 35% after a two-year period.