- Resource & Energy Group has teamed up with Sulphide X in a $4 million farm-in agreement over the Radio Gold Mine in Western Australia
- Sulphide X can earn a 50 per cent holding of the Radio Gold Mine by spending $4 million on the project over two years, and then another 25 per cent interest for $2 million cash over another two years
- The mine has a historical production of 72,000 ounces at 38.5 grams per tonne gold
- The farm-in deal with Resource & Energy will see the mine site used as a hub for the regional growth of other Sulphide X project in the area
Resource & Energy Group has teamed up with Sulphide X in a $4 million farm-in agreement over the Radio Gold Mine in Western Australia.
The mine has a historical production of 72,000 ounces at 38.5 grams per tonne gold, and Sulphide X is now getting in on the action through its subsidiary, Bullfinch One.
Under the agreement with Resource & Energy, Sulphide X can earn a 50 per cent holding of the Radio Gold Mine by spending $4 million on the project over two years. Sulphide can then choose to earn another 25 per cent interest in the mine for $2 million cash over another two years.
Resource & Energy currently holds 100 per cent of the mine. The company has the right to retain a 25 per cent interest in the project once Sulphide X has completed the farm-in requirements.
Resource & Energy CEO Christian Price said the company excited to expand the Radio Gold Mine with Sulphide X.
“The Sulphide X team understands high-grade mining operations. The right place, the right time with the right team,” Christian said.
Sulphide X holds several prospective tenements around the Radio Gold Mine area. As such, the farm-in deal with Resource & Energy will see the mine site used as a hub for the regional growth of these projects.
Resource & Energy owns and operates three projects in Australia: two in Western Australia and one in Queensland.
Shares in Resource & Energy are up a slight 2 per cent today following the announcement, trading for 5.1 cents each in a $13.81 million market cap.