The exploration company, searching for gold, nickel, rare earth elements and base metals in the Goldfields of Western Australia, is proposing an exploration program at the site, and is confident deeper examination could define a significant gold resource.
The site, known for high-grade mineralised quartz lodes up to 19 grams per tonne of gold and many other mineralised structures, is stacked in favour of discovering a significant gold resource.
The company said the proposed program would include drill testing of known gold mineralised structures.
A soil sampling program will also extend and infill the current surface geochemical survey coverage and assess the potential for additional prospective structures near the Norseman gold operations that Pantoro Limited is currently redeveloping.
“Opportunities also extend to exploration targets not previously tested by drilling, and evaluating prospectivity for nickel sulphides and lithium-bearing pegmatites,” the company said.
The Company has executed an Option Agreement with Glen Tyrrell Bulldozing Pty Ltd (the Vendor) that provides the Company with an exclusive right to explore the Albion Gold Project and to acquire a 100% interest in the Project tenement.
Key terms of the Option Agreement are:
- a) The Company will have exclusive exploration access to the Tenement for 12 months from the execution date of the Agreement, extendable for a further 12
- b) The Company will pay the Vendor an up-front Option fee of $10,000 in cash and issue ordinary shares to the value of $20,000 (based on the5-dayVWAP).
- c) MTM will pay an Option extension fee of $10,000 in cash and issue additional ordinary shares to the value of A$20,000 if it elects to extend the Option for a further 12 months.
- d) The Vendor will retain surface prospecting rights.
- e) At minimum, the Company’s expenditure on the Tenement shall be $60,000.
- f) If the Company elects to exercise the Option, then the Vendor shall transfer 100% interest in the tenement to Mt Monger Resources Ltd. The Company shall pay the Vendor the equivalent of $150,000 in cash and shares and grant the Vendor an uncapped 1% NSR royalty on future gold production.
- g) If the Company elects not to exercise the Option, the agreement shall lapse and the rights to the tenement shall revert wholly back to the Vendor.
MTM’s Australian Stock Exchange-listed share prices was trading at 14.5c today(11:20 am UTC+ 8 hours)