Through the Radio agreement, Valor will earn a 50% interest in the project, by undertaking $4 million expenditure over a two year farm-in period.
This is a mutually beneficial result, Valor as a public company has greater ability to access funding to explore and develop Radio Hill, which REZ remains leveraged to.
REZ keeps focus on Menzies area and Mount Mackenzie
REZ’s CEO Christian Price said: “We are pleased that Valor has recognised the potential of the Radio Gold Mine.
“With samples grades underground of up to 0.5 metres at 522 g/t, Radio represents a high-grade mining opportunity and a cornerstone for their Australian portfolio.
“We see the benefit of Valor being our Radio farm in partner given Valour’s access to public company capital markets and determination to progress the development of Radio.
“REZ will now continue to focus on our large Menzies holdings and progress our Mount Mackenzie gold project in Queensland with an updated scoping study to be released shortly.”