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Olympic Domain Tenement Details
Copper Range has acquired a substantial tenement holding in the Olympic Domain comprising nine granted tenements (Exploration Licences) covering a total of ~2,500 km2.
The nine Exploration Licences are held 100% by Copper Range. They lie within the region hosting the Olympic Dam, Carrapateena, Mt Gunson and other prospects.
Barrick Gold of Australia Limited (Barrick) wholly owned subsidiary of Barrick Gold Corporation has signed a letter of intent to farm-in to six of the company's tenements in the Olympic Domain for $5 million. Under the terms of the agreement, Barrick has the right to earn a 75% interest in the tenements by spending a minimum of $1,000,000 within 18 months after the date of acceptance, and a total of $5 million within five years. Upon Barrick earning its interest, Copper Range has the right to contribute as a 25% joint venture partner or dilute down to a 5% interest at which time the interest will convert to a 1.5% net smelter royalty. Barrick has no right to withdraw until it has met the minimum expenditure in the first year. Should Barrick withdraw following the minimum expenditure but prior to expending $5 million they will have earned no interest in the tenements.
Location of Copper Range Tenements, Central Stuart Shelf
(Please click above for a larger image)