- Aus Tin Mining (ANW) has signed a farm-in agreement for three exploration licenses in the Lachlan Fold Belt in New South Wales
- The agreement is with Lachlan Copper, a company that is associated with Aus Tin’s third-largest shareholder, Australian Mineral Investments
- In upfront payments, Aus Tin will issue Lachlan Copper $50,000 worth of shares and pay $50,000 in cash
- Additionally, for the company to earn a 51 per cent interest in the projects, it will need to spend $500,000 on the projects over two years
- Aus Tin could earn an extra 29 per cent for a further $5 million
- Both companies are looking to finalise the formal documents and commence work before the end of the month
- Aus Tin remains steady on the market today, trading for 0.1¢ per share
Aus Tin Mining (ANW) has signed a farm-in agreement for three exploration licenses in the Lachlan Fold Belt in New South Wales.
The agreement is with Lachlan Copper, a company that is associated with Aus Tin’s third-largest shareholder, Australian Mineral Investments.
In upfront payments, Aus Tin will issue Lachlan Copper $50,000 worth of shares and pay $50,000 in cash.
To earn 51 per cent interest in the projects, the company will spend $500,000 over two years and could earn an extra 29 per cent for $5 million.
Both companies are looking to finalise the formal documents and commence work before the end of the month.
The Lachlan Fold Belt has seen some success from Alkane Resources, Sky Metals and Magmatic Resources.
CEO Peter Williams is pleased with the farm-in terms and is looking forward to the future of the Lachlan Fold Belt.
“The company will seek to leverage its expertise in obtaining regulatory approvals at Taronga in northern NSW to secure land access as soon as possible and utilise a similar exploration model successfully deployed at Mt Cobalt in Queensland to initially explore a copper porphyry target at Narrallen that is untested by drilling or modern exploration techniques,” he said.
Aus Tin remains steady on the market today, trading for 0.1¢ per share at 2:11 pm AEST.