AngloGold Ashanti, Inflection to explore copper-gold projects in Australia
Inflection Resources has announced today that it has signed a definitive farm-in agreement with major gold producer AngloGold Ashanti that outlines the terms under which AngloGold may earn into a number of Inflection’s copper-gold projects in New South Wales, Australia.
According to the agreement, AngloGold shall fund up to AUD$10,000,000 on exploration expenditures across the portfolio of projects as part of a Phase I exploration program.
Phases II and III of the agreement are staged earn-ins where AngloGold may select up to five designated projects in which it may earn up to a 65% interest by funding AUD$27,000,000 in exploration expenditures on each designated project for cumulative maximum expenditures of AUD$135,000,000.
AngloGold retains a further right under Phase IV to earn an additional 10% interest in each designated project by completing a pre-feasibility study solely funded by AngloGold based on a minimum of 2,000,000 ounces of gold or gold-copper equivalent measured and indicated resources, and granting to Inflection, subject to existing underlying royalties, a 2% or 1% net smelter return royalty.
President and CEO Alistair Waddell stated, “The execution of this agreement with AngloGold sets the foundation for the upcoming exploration program and provides the necessary capital to aggressively drill test and potentially develop our large portfolio of copper-gold porphyry targets within the northern extension of the Macquarie Arc. We very much look forward to working with our partners AngloGold to explore the portfolio of targets over the coming years.”
Inflection is a copper and gold-focused mineral exploration company with projects in Australia. The company is systematically exploring for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the Lachlan Fold Belt in New South Wales. The Macquarie Arc is Australia’s premier porphyry copper-gold province.
