Business
Farm out of Specimen Hill to ASX listed White...
Farm out of Specimen Hill to ASX listed White....
About this update from Tamar Minerals Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n8 February 2024TECTONIC GOLD PLC(“Tectonic” or the “Company”)FARM OUT OF SPECIMEN HILL TO ASX LISTED WHITE ENERGY\nTectonic Gold plc (TDIM: TTAU), is pleased to announce completion of negotiations for the farm out of the Specimen Hill copper gold discovery to ASX listed White Energy Company Limited (ASX: WEC, OTC: WECFF) (“White Energy”).Highlights: \tWhite Energy to immediately take over responsibility and all future funding for Specimen Hill \t\t\tWhite Energy to spend up to $2 million and earn right to acquire.\t\tAcquisition for a further $2 million and a 3% royalty.\t\t\tWhite Energy backed by high profile Australian family office with interests spanning mining, energy, resources, technology and philanthropy.\tWhite Energy to focus on copper potential at Specimen Hill as part of a transition energy metals strategyWhite Energy is the development vehicle of a highly successful Australian minerals and energy industry family, with deep roots in the Queensland region. The technical team are well known and highly regarded in the market with a track record of building, operating and divesting world class mining projects. White Energy is an exceptional partner to progress Tectonic’s copper and gold discoveries at Specimen Hill through the next phase of resource definition and into development.White Energy is executing a strategy of developing high grade copper resources to feed the increasing demand for minerals required for the world’s transition to renewable energy. Following a detailed technical review of the Specimen Hill project, White Energy deployed their proprietary ionic sampling survey technology in late 2023 and confirmed “a large and complex mineral system with a number of outcropping zones of what appear to be strong copper mineralisation”.Following this technical program, final deal terms were negotiated for a farm out by Tectonic of the Specimen Hill project as follows:\tStage 1 – White Energy earn an option to acquire 51% at the project level for a cash spend of AU$1 million\tStage 2 – White Energy earn an option to acquire a further 25% (76% in total) by spending a further AU$2 million\tStage 3 - White Energy purchase the balance of the project for AU$2m in cash\tA non-diluting 3% Net Smelter Return Royalty in favour of Tectonic is also established at the completion of the purchaseTectonic w...