Rubicon Resources advises that following the minimum expenditure of $1.5m at the Peters Dam Joint Venture, partner Integra Mining Limited (Integra) has earned its 51% interest.
As a result of the exploration conducted we are pleased to announce that Integra has identified a number of high priority prospects for immediate RC drill testing including: • Target 15 • Samurai Hill, and • Gladiator
Under the terms of the Joint Venture Agreement, the Peters Dam Joint Venture (“PDJV”) has now been properly formed and a budget of $1.7m has been agreed for the next stage of exploration work.
Under its rights in the joint venture agreement, Rubicon has nominally elected to contribute to ongoing exploration on a program-by-progrm. However, Rubicon has elected not to contribute to the initial proposed exploration program and its 49% interest will be diluted under the terms of the Joint Venture.
Rubicon supports the planned exploration with RC drilling planned to test these potentially high-impact targets in very close proximity to Integra’s Salt Creek process facility.
Rubicon has an opportunity to elect to contribute to the PDJV to maintain its interest at 6 monthly intervals during this exploration phase. It is intended to review the results of the first exploration program before Rubicon will make this election.
Please refer to the announcement from Integra Mining below for further details.
