Exploration junior Killi Resources has announced an option and joint venture (JV) agreement with global miner Gold Fields, which has agreed to spend up to A$13-million for an 85% interest in the West Tanami project, in Western Australia.
Killi CEO Kathryn Cutler said that the partnership with Gold Fields allowed access to expertise and funding for the longer term and would ensure the project continued its progress in pursuit of a new orogenic gold system in the Tanami.
The project covers 1 600 km2 of the Tanami geological belt, and 100 km strike of the main gold mineralising structures. It is located 120 km along strike from the 14-million-ounce Callie Gold mine.
The JV with Gold Fields also enables Killi to focus exploration at the Mt Rawdon West project, where it plans to continue to explore for a new copper/gold system near Bundaberg.
“The A$15-million valuation of the West Tanami project represents just one of Killi’s three 100%-owned belt-scale copper/gold assets,” Cutler pointed out.
Meanwhile, Killi has received commitments from institutional, professional and sophisticated investors to raise A$1.5-million through a placement of 39.47-million new fully paid ordinary shares at A$0.038 each.
The placement was oversubscribed.