VENI VIDI VICI LIMITED ACQUIRES A 51% LICENCE INTEREST IN A
(The "Company" or "VVV")
- Sale and purchase agreement signed between VVV and Goldfields
- The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares.
- The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in
The consideration payable for the Tenement Interest is
Pursuant to the terms of the SPA, VVV and Goldfields have entered into a lock-in agreement whereby Goldfields has agreed to restrict its ability to sell the Consideration Shares for a period of three months.
VVV and Goldfields have also entered into a joint venture agreement ("JVA") under which VVV will be responsible for an initial expenditure fee of
The Shangri La Project is a gold-copper-silver project located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in
With a large amount of historical work already carried out in the Shangri La Project area, Goldfields and VVV will initially carry out a comprehensive data search and compilation of all available data to ensure no unnecessary repeat work is carried out and establish a geological database of all available data.
Once this data is compiled a more detailed exploration plan can be implemented but the initial work will entail validating the geology of the
Subject to having the necessary approvals to work on the ground, this work would probably include verification geological mapping rather than complete remapping of the tenement area, trenching and or scout drilling with associated analysis to potentially convert the historical exploration target to a JORC compliant resource. Should sufficient data be available for the historic drill holes, 1 or 2 twin drill holes may be planned to verify the grades and geology for future planning purposes.
For further information on the
The Directors of the Company are responsible for the contents of this announcement.
For further information, please contact:
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