- Tempus Resources (TMR) has signed a joint venture deal with Canada-based Robinhood Gold Corp (RGC)
- RGC will have the right to earn an initial 75 per cent interest in Tempus’ Mineral Creek Gold Project by spending a total of C$2 million (roughly A$2.04 million) by December 31, 2023
- The deal is also subject to a 30-day due diligence period and an ASX and/or TSX.V exchange approval
- RGC may also purchase another 5 per cent of the Mineral Creek Property by paying Tempus C$1 million (roughly A$1.02 million) at any point during the agreement
- Tempus is up 8.16 per cent and shares are trading at 26.5 cents
Tempus Resources (TMR) has signed a joint venture deal with Canada-based Robinhood Gold Corp (RGC) to acquire the Mineral Creek Gold Project in Canada.
Tempus’ Mineral Creek Gold Project is located in British Colombia, Canada and has a rich mining history that dates back to the 1800s. It comprises 42 mineral claims that cover roughly 9877 hectares.
From drilling programs conducted between 2005 and 2010, the project returned significant results. These include 7.2 metres at 159.03g/t gold from 63.8 metres including 4.5 metres at 253.6g/t gold from 64.3 metres, 1.65 metres at 215.55g/t gold from 26 metres and 0.8 metres at 244g/t gold from 42.1 metres.
As part of the agreement, RGC may earn an initial 75 per cent interest in the Mineral Creek Gold Project by spending at least C$100,000 (roughly A$102,000) on the project by December 31, 2021, and a total of C$2 million (roughly A$2.04 million) by December 31, 2023.
Additionally, if RGC completes an initial public offering (IPO) on the ASX and/or TSX.V, it will pay Tempus C$100,000 in fully paid common shares at the IPO issue price. If it doesn’t complete an IPO but becomes listed on any stock exchange, then RGC will pay Tempus $30,000 of fully paid common shares of RGC at an agreed price.
Further, RGC has the right to purchase another 5 per cent of the Mineral Creek Property by paying Tempus C$1 million (roughly A$1.02 million) at any time during the option/joint venture agreement period.
“The Mineral Creek Gold Project was acquired along with our flagship Blackdome-Elizabeth Gold Project in late 2019. We welcome this opportunity to unlock value from the project through this transaction with Robinhood, and look forward to seeing the story develop as exploration proceeds,” Managing Director Brendan Borg said.
The agreement is subject to a 30-day due diligence period and is subject to ASX and/or TSX.V exchange approval.
Tempus is up 8.16 per cent and shares are trading at 26.5 cents at 11:15 am AEDT.