High-Tech Metals Limited (ASX:HTM) has executed a binding mining agreement with SSH Mining Australia Pty Ltd to develop the Wagtail Deposit (Wagtail). Wagtail is part of the Mt Fisher Gold Project, a recently acquired project located on Mining Lease M53/9 in Western Australia.
Wagtail has a JORC mineral resource estimate of 63,700t @7.11g/t Au for 14,600oz gold, and historic production of 2,384oz @ 66g/t Au.
Under the new agreement, SSH Mining will fund all pre-feasibility work as well as the associated drilling needed to advance the project to a final investment decision (FID). Once a decision to mine has been made, SSH Mining will be the mining contractor, funding all mining activities moving forward. This agreement provides them with a 25% share of net project profits, with High-Tech Metals retaining 75% of profit share.
This free-carried mining agreement is part of High-Tech Metals’ strategy to monetize their gold assets and accelerate near-term production, while also allowing them to focus on advancing their strong exploration programme.
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