its laughable how nobody is buying this, page-4

Third time in the press in as many weeks

Todays mining news article


Zinifex to earn interest in Wilcherry Hill

MAJOR zinc miner Zinifex has signed an $8.5 million joint venture agreement to explore Trafford Resources' Wilcherry Hill project and adjacent tenements in South Australia's Gawler Craton.
In an announcement to the market, Trafford said Zinifex could earn up to a 75% interest in all lead, zinc and silver discoveries within the project area over a five-year period.

"The agreement does not apply to the Wilcherry Hill magnetite discovery, which is currently the subject of a desk-top study for potential development, the recently drilled gold prospect or the Golden Gate uranium prospect, which is currently being drilled," Trafford said.

The conditions of the agreement include Zinifex spending $500,000 within the first year and then spending a further $4 million over the next two years to earn a 51% position in all lead, zinc and silver projects.

Zinifex must then shell out a further $4 million over the next two-year period to earn an additional 24%.

Trafford will be manager and administrator of the eventual JV during the first three years.

The company currently has five identified lead and zinc prospects within the Wilcherry Hill project area, namely Telephone Dam (best intersection of 6m at 8.9% lead and 6.4% zinc from 279m), Olympic Hill (4m at 0.38% zinc from 72m in reconnaissance drilling), Mitchells (lead and zinc soil anomaly), Death Adder (8m at 0.22% zinc from 22m in reconnaissance drilling) and Pier (soil anomaly).