https://www.marketwatch.com/press-r...ventures-peru-property-to-ausquest-2018-08-16
Of note:
-Westminster Resources Ltd. (WMR) is pleased to announce that it has entered into a Farm-In Agreement with AusQuest Limited (asx:AQD). The Agreement covers 5 of the 36 Peruvian copper licences recently acquired by Westminster, covering 4,900 hectares. These particular licences form part of the Ilo Sur project, which Westminster acquired along with the flagship Ilo Norte and Ilo Este projects.
-The Farm-In Agreement contemplates AusQuest completing 13,000 metres of drilling over 7.5 years to earn 65%, with an option to earn 75% by completing a Pre-Feasibility Study.
-The 5 licences being farmed to AusQuest are part of a 12,225 ha project area lying southwest of Westminster's Ilo Este Copper Project.
-Terms of the Farm-In Agreement include an 18-month Phase 1 program to identify drill targets, a 3-year Phase 2 program of a minimum 3,000 m of drilling to earn the initial 35%, a 3-year Phase 3 program of a further 10,000 m of drilling or US$2.5 million of additional expenditure (whichever comes first) to achieve 65% interest, and then a final Phase 4 PFS program, to complete a Pre-Feasibility Study to achieve a 75% interest in the licences. Once AusQuest has earned 75%, it can offer to buyout Westminster's remaining 25% interest for fair market value.
If true, what a great opportunity and it significantly increases the likelihood of AusQuest hitting paydirt.
AQD Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
