Gold Fields joins Tanami in Solitaire

One of the world’s largest gold producers has gained a significant foothold in the Tanami-Arunta province, near the border between WA and the Northern Territory.

Tanami Gold NL and South African gold producer Gold Fields Limited have signed a joint venture agreement on Tanami’s Solitaire project, which will significantly boost gold exploration in the province.

It provides Tanami with further financial and technical support to accelerate exploration in the 1,650 square kilometre Solitaire project area, located in the transTanami structural corridor which hosts multi-million ounce mines at Callie and The Granites.

Under the JV, Gold Fields may earn 25 per cent equity in the

project by spending $1.5 million and increase its interest to 51 per cent by spending a further $1 million on exploration.

Gold Fields also has the right to earn a further 9 per cent stake by free carrying Tanami through a bankable feasibility study.

The deal follows an agreement between Tanami and Gutnick Resources late last year.

Gutnick Resources and Tanami chairman Joseph Gutnick welcomed Gold Fields to Australia and viewed its involvement in the joint venture as a strong backing of the Australian resource industry and, in particular, the Tanami province.

Tanami managing director Denis Waddell said the company was delighted that one of the world’s leading gold mining companies would now be involved in the Tanami-Arunta province.

Gold Fields senior vice president (exploration) Craig Nelsen said the investment represented an important new component of Gold Fields’ international business development strategy.

Gold Fields Australasia regional manager Tommy McKeith said the company had been attracted to Solitaire because of its size, location and the large geochemical/ geophysical targets located within the project area.

“We were also impressed with the depth of Tanami’s technical expertise and their exploration experience in the province,” he added.

Gold Fields is one of the world’s largest gold producers, with resources of 150 million ounces, proven and probable reserves of 74 million ounces, and annual production in excess of 4 million ounces.