Bullseye will retain rights to the Bungarra and Neptune gold deposits, contribute around $2m towards liabilities of the BCBJV, and acquire certain BCE-owned heavy machinery, infrastructure and on-site chattels
Australian gold mining company Bullseye Mining has signed a binding agreement with Blue Cap Equities (BCE) to acquire the latter’s 30% stake in Blue Cap Bullseye Joint Venture (BCBJV).
Earlier this month, Bullseye and BCE signed an agreement to continue with formal documentation for the discontinuation of the BCBJV.
Under the terms of the current agreement, Bullseye will obtain 100% of all Bungarra gold ore stockpiles and retain 100% rights to the Bungarra and Neptune gold deposits.
The two deposits are currently developed as part of Bullseye’s 98,000m resource definition drilling programme, which targets a 6.4km Boundary through to Bungarra mineralised trend.
In addition, Bullseye will contribute around $2m towards liabilities of the BCBJV, and acquire certain BCE-owned heavy machinery, infrastructure and on-site chattels.
As part of the BCBJV, Bullseye and BCE have spent more than $2m on the development works at the Neptune gold deposit.
The works include grade control drilling, which Bullseye will now receive the full benefit as and when they consider the future production profile.
Bullseye is controlled by Emerald Resources, an explorer and developer of gold projects, based in Perth, Western Australia.
Emerald is a developer and explorer of gold projects focused on the development and commissioning of its Okvau Gold Mine in Cambodia.
Okvau has seen first production and gold pour in June last year, and achieved commercial production in September.
In addition to Okvau, Emerald also holds numerous other projects in Cambodia, including a combination of fully granted mining licences, and stakes in joint ventures.