West Coast iron ore explorer IronClad Mining has added manganese to its Wilcherry Hill development.
IronClad announced a deal today with Trafford Resources giving IronClad the right to earn up to an 80 per cent interest in all Manganese over the Wilcherry Hill Project area.
“The exploration and development of Manganese at Wilcherry Hill has strong synergies with the proposed Iron Ore operation that IronClad is currently developing,” the company said in a statement.
A joint venture will be executed by both parties within the next month.
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Under the deal IronClad will complete 4,000m of Reverse Circulation (RC) drilling within 12 months and pay Trafford $250,000 (Australian Dollars) upon signing the JV agreement.
IronClad can earn 50 per cent in the project tenements by spending $1 million within one year from the date of the agreement with the right to earn an additional 30 per cent in the project by spending an additional $2 million over a 2 further years.
IronClad will be the manager of the Joint Venture.
“This Joint Venture is a very exciting development,” IronClad’s Managing Director Robert Mencel said in the statement. “The addition of Manganese has the potential to add significant value to the Wilcherry Hill Project.”
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