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Inflection Resources and AngloGold Ashanti Sign Definitive Exploration Agreement Across Portfolio of Copper-Gold Projects in Australia
Vancouver, British Columbia – TheNewswire - June 14, 2023: Inflection Resources Ltd. (CSE:AUCU) (OTC:AUCUF) (FSE:5VJ) (the "Company" or "Inflection") is pleased
About this update from Inflection Resources Ltd.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - June 14, 2023: Inflection Resources Ltd. (CSE:AUCU) (OTC:AUCUF) (FSE:5VJ) (the \"Company\" or \"Inflection\") is pleased to announce it has signed a Definitive Farm-in Agreement (the “Agreement”) with AngloGold Ashanti Australia Limited (“AngloGold”) (NYSE: AU / JSE: ANG / ASX: AGG) that outlines the terms under which AngloGold may earn into a number of Inflection’s copper-gold projects in New South Wales, Australia. Summary Highlights: AngloGold shall fund up to AUD$10,000,000 on exploration expenditures across the portfolio of projects as part of a Phase I exploration program. Phase I will drill test a wide range of large intrusive-related, copper-gold targets including the Duck Creek project. Phase I includes a minimum expenditure commitment of AUD$6,000,000 and a 10% management fee payable to Inflection; Phases II and III of the Agreement are staged earn-in’s where AngloGold may select up to five Designated Projects in which it may earn up to a 65% interest by funding AUD$27,000,000 in exploration expenditures on each Designated Project for cumulative maximum expenditures of AUD$135,000,000; AngloGold retains a further right under Phase IV to earn an additional 10% interest in each Designated Project by: Completing a Pre-Feasibility Study (“PFS”) solely funded by AngloGold based on a minimum of 2,000,000 ounces of gold or gold-copper equivalent Measured and Indicated resources; Granting to Inflection, subject to existing underlying royalties, a 2% or 1% net smelter return (“NSR”) royalty; and, The Phase I exploration program is expected to comprise of approximately 30,000 metres of drilling with an initial two drill rigs. The Company intends to commence drilling in the coming days with an initial focus on the completion of deep drill holes on the Duck Creek project. Details of the exploration program will be provided soon. Alistair Waddell, Inflection’s President and CEO, states: “The execution of this Agreement with AngloGold sets the foundation for the upcoming exploration program and provides the necessary capital to aggressively drill test and potentially develop our large portfolio of copper-gold porphyry targets within the northern extension of the Macquarie Arc. We very much look forward to working with...