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ABM Resources options North Arunta gold project to Thunderbird Metals

ABM Resources NL said Oct. 16 that it signed an agreement with Thunderbird Metals Pty Ltd. for the latter to earn up to a 70% joint venture interest in the former's North Arunta gold project in Australia's Northern Territory.

To earn an initial 51%, Thunderbird must spend A$2.5 million over a period of 2.5 years, with a minimum spend of A$500,000 in the first two years. It may withdraw from the earn-in period after completing A$500,000 in exploration work.

In addition, ABM will be issued shares equivalent to 5% of Thunderbird, should it become a public listed company.

Upon earning 51%, Thunderbird has the option to earn an additional 19% interest and commence a joint venture by completing a A$4 million spend on the North Arunta project within two years. At this point, ABM retains a free-carried interest to the completion of a bankable feasibility study. Upon the completion of the study, it may elect to convert its 30% interest into a 1.5% net profit royalty or contribute to the funding of future exploration and development.