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Zinc of Ireland NL
Summary
| Project: | Leonara | |
|---|---|---|
| Deposit: | Crawfords | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 3-8-2017: Zinc of Ireland NL announces an Exploration/Drilling Update report for its Crawfords deposit at the Leonara project. JV - Drilling results incl. 7m @ 5.39g/t Au from 49m. Please find attached a media release made by Roman Kings Pty Ltd (Roman Ki | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Bill Oliver (Internal) | |
| ABSTRACT: | Please find attached a media release made by Roman Kings Pty Ltd (Roman Kings) in respect of its maiden drilling campaign at the Leonora Gold project (Project) which is the subject of the agreement between ZMI and Roman Kings as announced to ASX on 21 November 2016 (Agreement). The principal terms of the Agreement are that Roman Kings are required to spend $350,000 within 18 months of the Agreement to earn 51% of the Project (Stage 1). Roman Kings are also required to undertake all works necessary to calculate a Mineral Resource in Stage 1. Following Stage 1, ZMI will have the option to retain its 49% interest and contribute to the development of the Project or to require Roman Kings to purchase a further 24% (reducing ZMIís interest in the Project to 25%) for $250,000 in cash or shares, with ZMI being able to elect to receive no less than $125,000 in cash (Stage 2). ZMI will also receive $5 per ounce of gold contained in a Mineral Resource exceeding 20,000 ounces at more than 1.0g/t gold. It is a condition subsequent that Roman Kings must be admitted to the ASX (or similar stock exchange) within 18 months of the Agreement or any interest earned by Roman Kings in the Project will revert to ZMI. The Roman Kings media release includes the tables as required by the JORC Code (2012) and Competent Person Statement in respect of the exploration results and other information contained therein. | |
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