Black Cat Syndicate Limited has successfully completed Stage 1 of the Balagundi Farm-in Agreement and has elected to proceed with Stage 2.
Essential Metals Limited (“Essential”, “the Company”) is pleased to announce that Black Cat Syndicate Limited (“Black Cat”) (ASX: BC8) has met the Initial Commitment expenditure of $150,000 under the Balagundi Gold & Base Metals Project Farm-in & Joint Venture and has elected to continue towards earning a 75% interest by spending a further $450,000 within the next three years.
Essential Metals and Black Cat entered into the Farm-in and Joint Venture in July 2019
The Balagundi Project is located 25kms east of Kalgoorlie and sits immediately adjacent to the north-west portion of the Myhree Mining Centre within the Kurnalpi Terrane which is separated from the Myhree Mining Centre by the Victory Fault (a second order regional structure). The project is prospective for both gold and base metal VMS style deposits.