Gateway has acquired an 80% interest in E57/1060 for:
- $50,000 payable at E25’s discretion in cash or Gateway shares;
- the grant of 0.7% gross revenue royalty which is capped at the production of either 100,000 ounces of gold or 25,000 tonnes of copper from E57/1060; and
- 20% free carried interest to a decision to mine.
Gateway managing director Peter Langworthy said the company has taken the opportunity to consolidate key areas immediately contiguous with its flagship Gidgee Gold Project.
Airborne magnetic data image overlain by gravity image showing current Gateway tenements (yellow), new Gateway tenements (red) and E25 joint venture tenement (green)
E25 is progressing a pre-feasibility study (PFS) at the Butcherbird High Purity Manganese Project in WA.
The PFS is anticipated to provide a robust base case for commercialisation of the world-class project, which hosts a JORC-compliant resource in excess of 263 million tonnes of manganese ore.
The company intends to produce high purity manganese including manganese sulphate for lithium-ion batteries (HPMS) and Electrolytic Manganese Metal (EMM).