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Godolphin Resources Limited (ASX: GRL) has entered into an earn in and joint venture agreement (the ‘Agreement’) with Canadian-based mineral exploration and
development company, Great Plains Metals Corporation (‘Great Plains’) (TSXV: GPS).
Under the terms of the Agreement, Great Plains has the right to earn up to a 51% interest in the Company’s Yeoval and Goodrich copper gold projects (EL 8538 and EL 9243) by incurring a minimum of $1m in exploration expenditure within twelve (12) months, then up to 70% following completion of an additional $1m in exploration expenditure within the following twelve (12) months.
Highlights
- Great Plains Metals Corporation will spend a minimum of $1m in exploration expenditure in the first 12 months to earn a 51% interest in Godolphin’s Yeoval and Goodrich copper gold projects.
- Great Plains can subsequently increase its interest to 70% by providing an additional $1m in exploration expenditure
- Great Plains Metals Corp. is a Canadian-based mineral exploration and development company with a renewed focus on exposure to Australian gold and copper projects with large scale potential
- Godolphin is to be Operator during the initial earn-in period, working in conjunction with the technical team of Great Plains
- Allows GRL to maintain upside exposure to its exploration assets while advancing the near-term works at the Lewis Ponds gold, silver and base metals project, which remains a significant development opportunity for the Company
Managing Director Ms Jeneta Owens commented:
“We are very pleased to have entered into this agreement with Great Plains. The earn-in and JV agreement is an endorsement of the Company’s Yeoval and Goodrich Projects and highlight its potential as a significant porphyry opportunity. This agreement delivers significant outcomes for our shareholders."
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