Navarre has retention licence from the Victorian Department of Economic Development, Jobs, Transport and Resources (DEDJTR) for the Tandarra Gold Project.
Retention Licence RL006660 has been granted to the company for a ten-year term expiring on 2 November 2028.
The programme of work and milestones have been agreed with the DEDJTR and will require expenditure of $3.1 million during the ten-year period.
The granting of the Retention Licence follows the acceptance of the Mineralisation Report in August 2018 which confirmed that significant gold mineralisation had been discovered in the project area. The Retention Licence is designed to enable the project to progress from exploration to feasibility and replaces the existing Exploration Licence EL4897.
The Tandarra Project (EL 4897) is a gold discovery under shallow cover, located approximately 60kms northwest from Kirkland Lake Gold’s world class Fosterville Gold Mine.
The Tandarra Gold Project is located in the Whitelaw Gold Belt in Victoria. In December 2017, an application was lodged with DEDJTR for a Retention Licence (RL006660) to replace EL4897 and a Mineralisation Report and programme of works was also lodged to show that significant gold mineralisation had been discovered in the project area.
Following grant of the Retention Licence, a 51% equity interest will be formally transferred to Catalyst’s wholly owned subsidiary, Kite Operations Pty Ltd, as all conditions under a September 2014 Heads of Agreement between the two companies have been satisfied. Catalyst is the Manager of the Joint Venture.
A Joint Venture agreement for the project is in the final stages of preparation.
Source: Company Press Release