Brightstar Resources (ASX:BTR) signed a binding term sheet with Cazaly Resources (ASX:CAZ) to grant Cazaly the option to earn up to an 80% equity in the Goongarrie gold project in West Australia by solely funding exploration expenditure of up to AU$3 million, according to a Wednesday Australian bourse filing.
Cazaly will spend AU$1 million over 12 months for an initial 25% interest, then AU$1 million over 18 months to increase its stake to 51%, and another AU$1 million over 18 months to further boost its stake to 80%, added the filing.
Once Cazaly earns an interest in the Goongarrie Gold Project, the companies will form a joint venture, the filing added.
Gold mineralization at the project's Hastings prospect extends for over 1 kilometer and is open along strike and at depth, Cazaly Resources said in a separate filing. Anomalous intercepts include 38 meters at 3.1 grams per tonne grade of gold.
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