Catalyst Metals Ltd. said Oct. 14 that it has finalized its joint venture terms with Hancock Prospecting Pty Ltd. subsidiary Gold Exploration Victoria Pty Ltd. to carry out exploration on the Boort exploration license EL006670 and Macorna Bore exploration licenses EL5521 and EL006894 in Australia.
The Boort exploration license is located northwest of the company's Four Eagles gold project in Victoria, Australia, while the Macorna Bore exploration licenses are contiguous with EL5508, which is already held within the Four Eagles joint venture.
The joint venture on Boort exploration will allow Catalyst to focus its resources on the more advanced gold projects at Four Eagles and Tandarra, while the Macorna Bore joint venture will mean that the same ownership entity will be exploring the prospective corridor.
For the Macorna Bore joint venture, Gold Exploration Victoria will pay Catalyst A$250,000 in cash and spend a further A$250,000 on exploration on the tenements during a two-year period to earn its 50% interest. Renewal of exploration license EL5521 for a second term will be a condition precedent for the agreement.
Meanwhile, both companies intend to continue to advance exploration and development of Four Eagles, with an exploration program being developed for future consideration. The exploration program is anticipated to focus on a significant drilling campaign across a range of targets and resource modelling of the Boyd's Dam zone.