Blaze International (ASX:BLZ) has entered into a convertible note trust deed of up to $1.25 million to ensure that it is fully funded for exploration and drilling of its Barkly Copper-Gold Project at Tennant Creek in the Northern Territory.
The company has the right to earn up to an 80% interest in the project from Meteoric Resources (ASX:MEI).
During the June 2014 quarter, first pass reverse circulation drilling had returned a peak result of 25 metres grading 1.9% copper from 62 metres including 2 metres at 16.5% copper.
The Bluebird deposit at Barkly comprises a 1.6 kilometre-long gravity ridge and is directly comparable with many of the orebodies in the Tennant Creek mineral field.
This is positive as these deposits have historically produced very high copper and gold grades.
The convertible notes to be issued under the deed have the following material terms:
- Face Value: $0.0008;
- Interest Rate: flat rate of 10%;
- Maturity Date: 6 months from the date of issue.
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