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Alloy Resources secures Horse Well gold project expansion tenement

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Alloy Resources secures Horse Well gold project expansion tenement

Alloy Resources Ltd. said March 7 that it signed a binding heads of agreement with Jindalee Resources Ltd. for an option to acquire exploration license 53/1962, dubbed as the Millrose tenement, located adjacent to its Horse Well gold project in Western Australia.

Under the deal, Alloy Resources will pay an initial A$100,000 in a combination of cash and shares to secure the option, then commit to a minimum A$34,000 exploration spend within one year before it can opt to withdraw.

After one year from the deal's signing, the company can pay a further A$100,000 in a combination of cash and shares to wholly acquire the property. Jindalee will retain a 2% net smelter returns royalty over Millrose.

The binding heads of agreement contemplates the signing of a definitive agreement, expected to take place no later than March 31.

The gold and cobalt miner regained a majority 51% interest and took management control of the Horse Well joint venture with Doray Minerals Ltd. in January.