Montezuma Mining Company (ASX:MZM) has acquired an extensive exploration database that will enable it to fast-track nickel-gold-lithium targeting at Lake Johnston located west of Norseman, Western Australia.
The database includes geochemical, geophysical and drilling data which will allow Montezuma to accelerate target definition activities at Lake Johnston.
Historical drill results include 8 metres at 5.09 g/t gold, 3 metres at 17.69 g/t gold and 2 metres at 35.88 g/t gold.
In consideration for the sale and purchase of the database, Montezuma has granted the vendor, Hannans (ASX:HNR) a 15% interest in Lake Johnston and any tenements applied for or acquired within an agreed area of interest at Lake Johnston for the next two years.
Hannans’ 15% interest will be free carried to a decision to mine, at which point Hannans may elect to contribute or revert to a 1% net smelter royalty.
Montezuma holds a number of multi-commodity exploration and mining tenements in Western Australia.
The company's primary focus is on its 100% owned Yamarna and Holleton gold projects.
Its portfolio includes:
- Yamarna Gold Project, Western Australia;
- Holleton Gold Project, Western Australia;
- Butcherbird Manganese Project, Western Australia;
- Butcherbird Copper Project, Western Australia; and
- Green Dam Project, Western Australia.
The company has also submitted an application for the Bonneval Gold Project in France, which is progressing through the approvals process.
All prospects at Yamarna lie along strike and within 20 kilometres of the 6.2 million gold ounce Gruyere discovery by Gold Road Resources Ltd (ASX:GOR).
Adding to the prospectively of the area, The Yamarna Greenstone Belt is an under explored province, which is geologically similar to the Kalgoorlie Gold Belt.
Regional aircore drilling has successfully identified three other targets at Yamarna, the Ritz, Ryvita and Le Snak prospects.
Drilling at the Jatz prospect within Yamarna discovered two high grade gold zones with assays of up to 17.5 g/t gold and 15.5 g/t gold.
Approvals for follow up drilling are well advanced and drilling is expected to recommence as soon as possible.
Recent share purchase from chairman
During November, Montezuma’s chairman, Seamus Cornelius, purchased 200,000 shares on-market for $27,659.
This saw Cornelius’s total direct and indirect holdings in Montezuma increase to 3.26 million shares.