re: Ann: IFE: IronClad and Trafford enter int...
Ironclad Mining to own 80% of manganese mineralisation at South Australia project Thursday, October 24, 2013 by Proactive Investors
Ironclad Mining has signed an agreement with Trafford Resources to earn up to 80% in all manganese over the Wilcherry Hill Project in South Australia.
Ironclad Mining (ASX: IFE) has signed an agreement with Trafford Resources (ASX: TRG) to earn up to 80% in all manganese over the Wilcherry Hill Project in South Australia.
The exploration and development of manganese will tie in with the Willcherry Hill Iron Ore Project – an existing 80:20 JV with Trafford – that the company is currently developing.
The manganese potential at Wilcherry Hill is well developed with the current resource defined at Hercules as part of the iron ore resource outlined in addition to the Pier Prospect which is located north of Hercules and returned high grade manganese from rock chip sampling.
Under the agreement, Ironclad will pay Trafford $250,000 on signing the joint venture agreement.
It can earn the first 50% by spending $1 million within one year of the signing. This includes a commitment to complete 4,000 metres of reverse circulation drilling.
Ironclad then has the right to earn the remaining 30% by spending an additional $2 million over a further two years.
Upon IronClad reaching an 80% interest, Trafford’s remaining 20% interest will be free carried up to a decision to mine
TRF Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
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