SensOre will provide up to $4.5m in funding to support the lithium-focused exploration over a period of 4.5 years to earn 80% of the lithium rights at the Montague gold project, as part of the farm-in joint venture agreement with Gateway
SensOre, Gateway execute JV agreement. (Credit: nettetal10 from Pixabay)
SensOre has completed its previously announced farm-in joint venture (JV) agreement with Gateway Mining to start active exploration for lithium across the Montague gold project.
Gateway, through its wholly-owned subsidiary Gateway Projects and Exploration Ventures, has executed the agreement with a wholly-owned subsidiary of SensOre.
Under the terms of the agreement, SensOre will obtain up to an 80% stake in lithium rights at the project located in the Murchison Region of Western Australia.
In exchange, the company will provide up to $4.5m in funding to support the lithium-focused exploration over a period of 4.5 years.
Gateway will retain its existing rights to all other minerals within the tenements, including precious and base metals.
The company will also retain a right to claw back its interest in the lithium rights to 30% at its discretion at the completion of the earn-in period.
It will continue to actively explore the Montague project for step-change gold discoveries to significantly increase the project’s existing 526,000oz Mineral Resource.
Gateway managing director Mark Cossom at the signing said: “This is a fantastic opportunity for Gateway, allowing a specialist exploration group to bring their proprietary technology to bear to potentially unlock the lithium potential of our tenements.
“Gateway retains significant exposure to the upside of this exploration, and the ability to increase its ultimate stake, should any significant discovery be made.”
SensOre is a geoscience technology firm that deploys its SensOre DPT artificial intelligence (AI) tool to generate targets within the Tenements to explore lithium.
The SensOre DPT technology has been developed based on the company’s Data Cube and Discriminant Predictive Targeting (DPT) technology.
It involves the application of multiple integrated AI and Machine Learning algorithms to large data cubes to predict specific and quantitative outputs including location, grade and depth.
The technology will advance the integration, interrogation and analysis of geoscience data.