Second Phase Of Strategic Business Plan
Dark Horse Resources Ltd (ASX:DHR) has moved to acquire interests in mineral permits in the gold-rich Central Otago region of New Zealand’s South Island.
The company has entered into a Binding Term Sheet to earn:
- a 75% interest in the Cap Burn Gold Project.
- entered into a Binding Term Sheet to acquire a 100% interest in the: Rock and Pillar Prospecting Permit Appliction (PPA) which surrounds the Cap Burn Project; Filly Burn PPA adjacent to OceanaGold’s Macraes Mine; and the Raggedy Range PPA.
- applied for Exploration Permit Application (EPA) at Wild Dog Creek, adjacent to OceanaGold’s Macraes Mine.
“Dark Horse has obtained control over a large footprint of highly prospective Gold properties (total area 445 sq, km), including a drill ready target, for no upfront costs, in the Gold-rich province of Otago New Zealand,” Managing Director, David Mason, said.
“The company now holds strategic positions in several, exceptional Gold properties in Finland, New Zealand and Argentina, each with drill ready targets, which allows flexibility and optionality in these currently challenging times to achieve our goal of discovering and proving a Tier 1 Gold resource. Otago, New Zealand is a world class Gold mining jurisdiction, and cements our mission to provide geographical diversify withion our gold portfolio.
“Dark Horse’s recent capital raising activities have been well supported, and we are now well funded to advance exploration and resource definition drilling in all or some of these regions, depending on country and environmental factors during the coming months.
Each of the drilling programs has moderate expenditure requirements, and Dark Horse’s current treasury allows for the implementation of all three. It is important to note that there has been minimal cash required for us to secure this package of properties in New Zealand, and ongoing maintenance costs are relatively low.
“Dark Horse looks forward to the exciting upcoming months to put plans and drill designs in motion to forward the Company’s standing and progress towards then aim of defining a JORC Gold resource within one year.”
