Citigold signs $5M gold joint venture
Key points
- Citigold executed a binding joint venture with Native Mineral Resources across 40 Queensland exploration tenements.
- Citigold stands to receive a one-off $5 million payment after producing 8,000 ounces of gold.
- The partnership allows exploration and commercial testing using existing local processing infrastructure without Citigold funding drilling.
Citigold (ASX:CTO) signed a joint venture with Native Mineral Resources (ASX:NMR) across 40 Charters Towers gold tenements.
The agreement expands upon an earlier September deal that initially covered only four mining leases at the site.
"The joint venture over the Central, Warrior, and Stockholm tenements brings together Citigold’s Charters Towers tenements and NMR’s operational and processing capabilities," said Citigold Executive Chairman Mark Lynch.
Citigold will receive a one-off $5 million payment after the project successfully produces 8,000 ounces of gold.
Following the announcement, the Citigold share price was unchanged at $0.016.
Citigold raised $4.5 million in August to retire existing debt facilities and fund corporate costs.
The company stated that its broader strategy focuses on restarting operations across its Charters Towers gold assets.
