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Kalamazoo secures option over 3 gold projects in Western Australia

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Kalamazoo secures option over 3 gold projects in Western Australia

Kalamazoo Resources Ltd. said Oct. 6 that it entered an option to acquire between 80% and 100% equity in three gold projects covering 252 square kilometers in Western Australia's Pilbara region.

The projects, comprising Hill Gold, Sisters and Marble Bar, are controlled by Denis O'Meara Prospecting and Brett Keillor.

Kalamazoo paid A$125,000 cash and issued A$200,000 of shares to secure 90-day options over each project and can acquire the projects by paying A$150,000 and issuing A$250,000 of shares to the tenement holders.

The company is also required to pay cash or issue A$1.0 million of shares upon delineating a 50,000-ounce gold resource within five years across any of the tenements.

Drillabit Pty. Ltd. has a 20% joint venture interest in the nonmineral lithium rights in the Sisters project, which will be free carried by the company to a bankable feasibility study.

Following a decision to mine, Drillabit can choose to contribute to ongoing project development or dilute to a 1.5% net smelter royalty.