Washington state-based Royal Oak Mines (ryo-t) is headed to Fiji to explore for copper and gold.
The mid-tier gold producer struck a deal with Placer Pacific Namosi to acquire the Namosi project, which includes the Waisoi copper-gold porphyry deposit, in exchange for a 5% net profits interest to a maximum of A$15 million. Placer Pacific is a subsidiary of Placer Dome (pdg-t).
As part of the deal, Royal Oak will spend US$3 million to bring the property to the feasibility stage. The agreement is subject to a 30-day due diligence period.
The Namosi region, which has been the subject of exploration and drilling since 1968, is northwest of the capital of Suva, on the main island of Viti Levu.
The project area also hosts the Waisoi deposit, which contains an estimated 1 billion tonnes grading 0.14 gram gold per tonne and 0.43% copper, as well as 15 large, untested anomalous porphyry and epithermal targets.
The government of Fiji has consented to the transfer of the Namosi mineral licences to Royal Oak. In addition, the government has granted the company a special prospecting licence over the western half of the island of Kadavu, 40 miles south of Viti Levu.
Kadavu is reported to host promising epithermal gold targets on which limited exploration has been conducted.
Be the first to comment on "Royal Oak explores in Fiji"