Laramide Resources | Northern Territory Joint Ventures
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Northern Territory Joint Ventures

Rio Tinto Murphy Joint Venture

 

Location: Northern Territory

Terms: Laramide can earn-in 51% of the Project

 

As part of Laramide’s strategy to control ground contained within a large mineralized system in Australia, the Company entered into a joint venture agreement with Rio Tinto Exploration Pty Ltd. The joint venture is situated along strike from the Westmoreland Project.

 

Laramide’s Westmoreland Uranium Project conglomerate occurs in a major Proterozoic belt that runs from Darwin in the northwest to Mt. Isa in the southeast. This belt covers a distance of 1600 kilometres and contains a number of world-class base metal mines including Mt Isa Cu, Ag, Pb, Zn, Century Zn, and Cannington Ag deposit. It is recognized as one of the great mineralized belts of the world. In addition, there are a number of world-class uranium deposits.

 

Laramide signed a Binding Farm-In and Joint Venture Term Sheet with Rio Tinto Exploration Pty Limited (RTX) in May 2011, whereby Laramide can joint venture strategically located uranium tenements in the Northern Territory. The Joint Venture comprises 683 km2 that are situated geologically within the highly prospective Murphy Uranium Province and are along strike from Laramide’s flagship Westmoreland Project in northwest Queensland. A jurisdiction that is supportive of both uranium development and mining, the Murphy Uranium Province in the Northern Territory of Australia stands out amongst the world’s attractive underexplored uranium provinces.

 

Gulf Manganese Joint Venture

 

Location: Northern Territory

Terms: Laramide can earn-in 90% of the Project

 

Laramide, in the second quarter of 2005, signed an option to earn 90% of any resource pegged under mining tenure consequent to exploration over a defined area on the three Exploration Permits (“EPMs”) that Hartz Range owned in the Northern Territory. On October 8, 2014, Laramide announced it has entered into a Sale Purchase Agreement (“SPA”) to acquire 100% of the Gulf JV tenement EL 29898.

 

Previous exploration on the area has included: an airborne magnetics and radiometrics survey and soil sampling program in 2005; ground radiometric surveys and scintillometer lines followed by 4 RC drill holes in 2006; a helicopter-borne regional stream sediment survey and a 15 hole diamond core drill program was undertaken in 2007; in 2009, a program involving a scintillometer grid survey and soil sampling was commenced over targeted areas in the tenement. Results from the scintillometer survey were plotted and contoured, providing a ground radiometric signature of the target areas. Laramide followed up the results in 2010 by drilling approximately 1,000 metres to test three structural targets in the Westmoreland sandstone, which have an associated radiometric signature along strike.

 

Verdant Minerals Joint Venture

 

Location: Northern Territory

Terms: Laramide ownership 50% of the Project

 

In May 2005, Laramide (“Lagoon Creek Pty”) entered into an agreement with NuPower Resources (now held by Verdant Minerals Limited) pursuant to which the Company would farm-in to granted exploration license EL23573, Lagoon Creek, in the Northern Territory, approximately 380 kilometres NNW of Mt Isa. Laramide made the qualifying exploration payments abd earned 50% equity in the tenement. Exploration on the joint venture area has included: an airborne magnetics and radiometrics survey in 2005; ground radiometric surveys and scintillometer lines followed by 23 RC drill holes in 2006; a helicopter-borne regional stream sediment survey and a 14 hole diamond core drill program was undertaken in 2007. Two diamond drill holes were advanced in 2010, and a helicopter geophysical survey was subsequently undertaken over the tenement in 2011 and 2012.