SensOre

Gateway Signs Lithium Exploration farm-in Agreement for Montague Project with SensOre Ltd

SensOre to fund up to $4.5 million in lithium-focused exploration over 4.5-years to earn 80% of the lithium rights at the Montague Gold Project

Gateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to advise that it has executed a Farm- in Joint Venture agreement with ASX-listed specialist exploration group SensOre Limited (ASX: S3N) (S3N) to evaluate and target the lithium exploration potential at its flagship Montague Gold Project in WA’s Murchison region (Agreement).


Highlights:
  • SensOre Ltd (ASX: S3N) to explore selected tenements within the Montague Gold Project for lithium (and related by-products), utilising their proprietary SensOre DPT© technology to generate targets for field activities.
  • Gateway to retain all other mineral rights (including precious and base metals) within the tenements subject to the agreement.
  • SensOre to spend:
    • An initial $1.5 million (including a minimum of $750,000 in direct drilling expenditure) to earn a 51% interest in the lithium (and related by-product) rights within the selected tenements.
    • An additional $3.0 million (including a minimum of $1.5 million in direct drilling costs) to earn an additional 29% interest in the lithium (and related by-product) rights within the selected tenements.
  • Gateway is free-carried to delivery of a Bankable Feasibility Study, with the option to claw-back a further 10% interest in the lithium (and related by-product) rights.
  • Gateway to retain complete access to the tenements to continue its core gold exploration and development activities.
  • Farm-in Agreement represents a new and exciting strategic channel for Gateway, providing possible future exposure to the battery metals market.

Gateway’s Managing Director, Mr Mark Cossom, said: “This is a fantastic opportunity for Gateway, allowing a specialist exploration group to bring their proprietary technology to potentially unlock the lithium potential of our tenements – without Gateway having to redirect is resources away from its core gold exploration activities.

“Gateway retains significant exposure to the upside of this exploration, and the ability to increase its ultimate stake, should any significant discovery be made.

“In the meantime, we will continue to get on with our expansive 2023 exploration campaign, as outlined recently, targeting step-change discoveries and resource growth opportunities within the 526koz Montague Gold Project at a time when Australian gold prices are trading near their all-time highs.”

Click here for the full ASX Release

This article includes content from SensOre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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