- Venturex Resources (VXR) has signed an earn-in and joint venture agreement with Aurora Minerals (ARM) for the Whim Creek Project
- Aurora is planning on earning up to 80 per cent of Whim Creek
- Aurora will pay cash payments to Venturex totalling $3.15 million and will need to spend $4 million on project expenditure
- Venturex will now be focusing on its flagship Sulphur Springs Copper-Zinc Project, where a drilling program is scheduled for next month
- On market close, Venturex is up 7.27 per cent, trading for 5.9 cents per share, while Aurora shares are suspended with last trade for 2.2 cents per share on July 21
Venturex Resources (VXR) is going to sell 80 per cent of its Whim Creek Project to Aurora Minerals (ARM).
The companies have signed an earn-in and joint venture agreement for Whim Creek. Aurora will pay cash payments to Venturex totalling $3.15 million and will need to spend $4 million on project expenditure.
Under the agreement, Aurora will control and manage the project from the effective date. Venturex will keep its 20 per cent interest until there is a decision to mine.
However, for this deal to go through Aurora will need shareholder approval.
Venturex will now be focusing on its flagship Sulphur Springs Copper-Zinc Project, where a drilling program is scheduled for next month.
“Our incoming joint venture partner, Aurora, will have the opportunity to give the Whim Creek asset the focus and attention it deserves to unlock value and advance it to the next level,” Executive Director Anthony Reilly said.
“Venturex will retain meaningful exposure to this upside via a free-carried 20 per cent interest,” he added.
On market close, Venturex is up 7.27 per cent, trading for 5.9 cents per share, while Aurora shares are suspended with last trade for 2.2 cents per share on July 21.