From UK listed Tectonic Gold's year end update on...

From UK listed Tectonic Gold's year end update on Tuesday,

Specimen Hill project farm-out
In August Tectonic finalised terms with Fiddlers Creek Mining Company Pty Ltd (Fiddlers
Creek) on an option for Fiddlers Creek to farm-in to a majority position in the Specimen Hill
project. Fiddlers Creek is the exploration division of ASX listed White Energy Limited, a
corporate vehicle being developed by a highly successful Queensland resources investment
group. The terms are as follows:
• Stage 1 – an option to acquire 51% at the project level for a cash spend of AU$1 million
within 3 years
• Stage 2 – an option to acquire a further 25% (76% in total) by spending a further AU$2
million
• Stage 3 - Tectonic has the choice of co-funding further development or selling a further
15% to Fiddlers Creek for AU$2 million in cash
• The remaining interest may then be converted into a non-diluting 3% royalty.
White Energy has a similar technology approach to Tectonic and has a proprietary ionic
geochemistry technique that they will be deploying on Specimen Hill in the second half of
August. This advanced testing is highly effective in identifying copper targets at depth and will
complement the extensive work Tectonic has already completed on testing the gold in the
Specimen Hill system. This will enable a comprehensive understanding of the copper/gold
prospectivity of Specimen Hill.
This arrangement brings advanced technology and a successful Queensland based team into
the project to complement the work done to date. In addition, it enables Tectonic to retain a
significant economic exposure to Specimen Hill without incurring development cost as the
project is further de-risked.

666e6e_fb9507096676487c8d67e5b4efe4e4cb.pdf (usrfiles.com)