Gateway executes JV agreement with SensOre for lithium exploration project

Highlights:

• SensOre Ltd to explore selected tenements within the Montague Gold project for lithium (and related by-products), utilising their proprietary SensOre DPT© technology to generate targets for field activities.
• Gateway to retain all other mineral rights (including precious and base metals) within the tenements subject to the agreement.
• SensOre to spend:
  • An initial US$1.5 million (including a minimum of US$750 000 in direct drilling expenditure) to earn a 51% interest in the lithium (and related by-product) rights within the selected tenements.
  • An additional US$3.0 million (including a minimum of US$1.5 million in direct drilling costs) to earn an additional 29% interest in the lithium (and related by-product) rights within the selected tenements.
• Gateway is free-carried to delivery of a bankable feasibility study, with the option to claw-back a further 10% interest in the lithium (and related by-product) rights.
• Gateway to retain complete access to the tenements to continue its core gold exploration and development activities.
• Farm-in agreement represents a new and exciting strategic channel for Gateway, providing possible future exposure to the battery metals market.

Gateway’s Managing Director, Mr Mark Cossom, said:

“This is a fantastic opportunity for Gateway, allowing a specialist exploration group to bring their proprietary technology to potentially unlock the lithium potential of our tenements – without Gateway having to redirect is resources away from its core gold exploration activities.

“Gateway retains significant exposure to the upside of this exploration, and the ability to increase its ultimate stake, should any significant discovery be made.

“In the meantime, we will continue to get on with our expansive 2023 exploration campaign, as outlined recently, targeting step-change discoveries and resource growth opportunities within the 526 000 oz Montague Gold project at a time when Australian gold prices are trading near their all-time highs.”

Read the article online at: https://www.globalminingreview.com/mining/24012023/gateway-executes-jv-agreement-with-sensore-for-lithium-exploration-project/