Killi Resources Signs A$13 Million Earn-In With Gold Fields

Killi Resources Ltd (ASX: KLI) has entered a joint venture agreement with Gold Fields Ltd (NYSE: GFI) over the West Tanami Project.

Gold Fields can earn up to an 85% interest in the project by spending A$13 million on exploration activities over two stages.

Importantly, Gold Fields will manage the project and meet all costs, with Killi leveraged to a gold discovery through its project interest.

Potential to host orogenic gold deposit

The Tanami Project is in the Kimberley region of Western Australia, covering 1,600 square kilometres of the Tanami Geological Belt.

The JV validates Killi’s work to date and the belief that the West Tanami Project has the potential to host a new large-scale orogenic gold deposit.

In addition to the West Tanami Project, Killi owns two projects in Queensland, based near Townsville in the Charters Towers region and Bundaberg in the Mt Rawdon district.

$15 million valuation

Killi Chief Executive Officer Kathryn Cutler said: “Importantly, this $15 million valuation of the West Tanami Project, represents just one of Killi’s three 100% owned belt-scale copper-gold assets.

 “Whilst the JV enables systematic exploration to continue in the Tanami, it also enables Killi to focus exploration at the Mt Rawdon West Project where the company will continue to explore in 2024 for a new copper-gold system near Bundaberg.”

Capital raising

Killi has received commitments from investors to raise A$1.5 million via a placement of shares at A$0.038 each.

Significantly, the placement to institutional, professional, and sophisticated investors was heavily oversubscribed.

Gold Fields will subscribe for A$0.5 million worth of shares in the placement and will emerge as a substantial shareholder in Killi post completion.

  

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