Havilah Resources Ltd. said Oct. 9 that it signed an agreement with Consolidated Mining and Civil Pty. Ltd.'s subsidiary Benagerie Gold & Copper Pty. Ltd. to explore the Bassanio iron oxide-copper-gold target in South Australia.
The agreement requires Benagerie to complete two diamond drill holes at pre-agreed target positions on the IOCG target in the first year. In the second year, Benagerie must complete at least 5,000 meters of drilling at Bassanio with the objective of establishing a measured and indicated resource of 500,000 tonnes of copper equivalent using a cut-off grade of 0.4% copper.
Thereafter, within a period of a further four years, Benagerie may secure 100% ownership in any mineral discovery that it brings to the mining investment stage, which includes the completion of granting of a mining lease over the mineral discovery, drilling to measured and indicated status, and a final bankable feasibility study.
Havilah will be entitled to a 10.5% net smelter return royalty from any mining production.
