Native Mineral Resources Signs JV With Citigold Over Stockholm Tenements in Queensland, Shares Up 3%
Native Mineral Resources Holdings (ASX:NMR) signed a joint venture agreement with Citigold Corporation over four mining leases known as the Stockholm Tenements in Queensland, located about two kilometers north of the mining firm's Blackjack Operations, effective Sept. 3, according to a Thursday Australian bourse filing.The company said the agreement provides NMR with the exclusive right to undertake exploration and proving-up drilling, with the option to proceed with mining and process material through its Blackjack operations subject to results, while retaining sole operational control of drilling and any subsequent mining operations.Agreed project costs will be recovered from gross smelt proceeds before any remaining surplus is shared 50-50 between Native Mineral Resources and Citigold, with the mining firm to receive an 8% margin on specified cost categories, the filing added.Its shares rose 3% in recent Thursday trade.
