logo-loader

Conto Resources finalises Fijian joint venture with Dateline Resources

Published: 08:40 26 Apr 2013 AEST

no_picture_pai

Conto Resources (ASX: CNO) has completed the formation of a joint venture with Dateline Resources to explore and develop Dateline’s Udu polymetallic project in the Republic of Fiji.

The JV was finalised after all of the final conditions precedent to the transaction were satisfied and shareholders approved the deal in mid-April.

The Udu Project forms part of the advanced Nukudamu Polymetallic Project owned by Dateline Resources.

In October last year Conto inked a farm-in agreement for the Nukudamu Project which would ultimately result in the full acquisition of Dateline.

Nukudamu is situated on three contiguous Special Prospecting Licences (SPLs) on Vanua Levu Island, the second largest island in the Republic of Fiji.

The project comprises the Udu Deposit located on the site of a previously mined open pit polymetal mine and both advanced and greenfields exploration targets in the surrounding SPLs.

The Nukudamu Project hosts an Inferred JORC Resource of 4.5 million tonnes at 1.2% copper, 3.9% zinc, 29 grams per tonne (g/t) silver and 0.3g/t gold.

Conto has completed phase one of the exploration program which has confirmed e presence of additional mineralised zones around the existing open pit area.

Mineralised zones along strike from the existing resource boundary of the Udu open pit indicate additional mineralisation is present along strike from the main open pit area.

Conto has now begun a phase two exploration program.

The completion of the phase one program gave Conto an initial 10% interest in Dateline. The company can earn a further 40% interest by sole funding the phase two program.

At the end of December 2012, Conto had around A$3.5 million cash in hand.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China. 

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

13 hours, 39 minutes ago