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ActivEX options 90% of Australian gold tenement to unlisted miner

ActivEX Ltd. finalized a farm-in and joint venture agreement over its Pentland gold tenement in north-east Queensland with unlisted company Rockland Resources Pty. Ltd.

Rockland can earn up to 90% interest in the tenement by spending A$167,647 over 3.5 years, according to the Oct. 18 release.

The initial 51% earn-in requires spending A$95,000 on exploration over 1.5 years, and maintaining the tenements in good standing by paying holding costs.

Within 30 days of first stage earn-in, ActivEX can elect to contribute A$72,647 to the second stage exploration program over the next two years and maintain its 49% interest.

If Rockland completes the 90% earn-in, the joint venture tenement will be consolidated into a single entity, and ActivEX's 10% holding will be converted to either a 1% net revenue royalty or a 10% equity interest in the new company.