Victoria Park-based Oroya Mining has decided to vend three gold projects into new company Mammoth Resources, which plans to list on the local stockmarket.
Victoria Park-based Oroya Mining has decided to vend three gold projects into new company Mammoth Resources, which plans to list on the local stockmarket.
The announcement is below:
Oroya Mining Limited (Oroya) is pleased to announce that it is the major vendor in a proposed
new ASX listing of resource company, Mammoth Resources Limited (Mammoth).
KEY POINTS:
- A suite of Gold and Base Metal projects from Oryoa Mining and Goldphyre Resources are
to be spun off into a new IPO 'Mammoth Resources Ltd'. This will deliver the Company's
shareholders maximum value as it continues to successfully implement the farm‐out
strategy of its high quality assets. Oroya shareholders will be offered the opportunity to
subscribe for shares at a discount in the capital raising by Mammoth.
- Mammoth will have an array of "walk up" drill targets for Archaean gold, base metals and
rare earth elements (carbonatite target) in the Throssell project, located about 160
kilometres north of Laverton in Western Australia.
- Mammoth is expected to list in Febuary 2010 and the drilling program is to commence
shortly after in March.
Mammoth will list with five projects: three from Western Australia and two from New South Wales.
In Western Australia, the main project is Throssell which comprises one exploration licence held by Oroya (Mt Barrett) and three exploration licences held by Goldphyre Resources Pty Ltd (Goldphyre).
Throssell contains priority "walk up" drill‐ready targets for gold, base metals and Rare Earth Elements (REE) on a large 415km² project area. One of the targets is a very strong, about 3
kilometre diameter, buried aeromagnetic anomaly which is a Mt Weld carbonatite‐style REE target.
Throssell also contains strong, untested gold and base metal geochemistry and shallow previous drill hole anomalies which are untested at depth.
Goldphyre has also vended its Leonora project into Mammoth with potential for gold and base metals, and the Yamarna Project east of Laverton with calcrete‐uranium and gold potential.
In New South Wales, Oroya is vending in the Moruya and Pambula gold projects. Moruya has
potential for large‐scale porphyry copper‐gold deposits (Cadia‐Ridgeway style) with previous strong gold and base metal geochemistry. The Pambula project has potential for large tonnage
disseminated stockwork and associated high-grade vein-type gold deposits.
Oroya
Oroya has a large project portfolio and it has a policy of seeking assistance from suitable companies to spread exploration risk and maximise exposure to exploration success. This policy will ensure the effective evaluation of its large tenement portfolio.
Agreements with Mammoth
Under the sale agreement with Mammoth, Oroya will sell 100% of its Mt Barrett, Moruya and
Pambula project tenements in exchange for shares in Mammoth which is conditional on Mammoth listing on the ASX.
