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Tulla Resources' key asset is a 50% interest in the Central Norseman Gold Project, a historical gold mine located near the town of Norseman in the Goldfields of Western Australia that has produced over 5.5Moz of gold since operations began in 1935. The other 50% interest in the Project is held by ASX listed company Pantoro Limited which acquired that interest from Tulla Resources via a farm‑in and joint venture agreement. An unincorporated joint venture between Tulla Resources and Pantoro will be formed once Pantoro has sole funded the first $50 million of capital expenditure in relation to the Project, or on 9 July 2023 (if Pantoro has not satisfied its sole funding obligations by then).
As at the end of 2020, Pantoro had spent approximately $33 million and the Directors expect Pantoro will have satisfied its sole funding obligations by 31 March 2021.
The Central Norseman Gold Project is located approximately 200 kilometres south of Kalgoorlie in the Goldfields of Western Australia. It was established on a large scale by Western Mining Corporation (WMC) in 1935 and has been operated by various owners until 2016, when the Project was placed into care and maintenance. The current Mineral Resource is 35.0Mt @ 3.8 g/t for 4.24Moz (100% basis) with the majority of the Mineral Resource on granted mining leases.
The approximately 750 square kilometre Project tenement package is near‑contiguous over approximately 70 kilometres of strike, covering the highly prospective greenstone belt. The Project has significant exploration upside potential, highlighted by recent drilling programs using modern exploration techniques, which have yielded meaningful results (e.g. recent Panda and Green Lantern discoveries have validated exploration upside).
It is anticipated that TUL will list on the ASX during March 2021.
As at the end of 2020, Pantoro had spent approximately $33 million and the Directors expect Pantoro will have satisfied its sole funding obligations by 31 March 2021.
The Central Norseman Gold Project is located approximately 200 kilometres south of Kalgoorlie in the Goldfields of Western Australia. It was established on a large scale by Western Mining Corporation (WMC) in 1935 and has been operated by various owners until 2016, when the Project was placed into care and maintenance. The current Mineral Resource is 35.0Mt @ 3.8 g/t for 4.24Moz (100% basis) with the majority of the Mineral Resource on granted mining leases.
The approximately 750 square kilometre Project tenement package is near‑contiguous over approximately 70 kilometres of strike, covering the highly prospective greenstone belt. The Project has significant exploration upside potential, highlighted by recent drilling programs using modern exploration techniques, which have yielded meaningful results (e.g. recent Panda and Green Lantern discoveries have validated exploration upside).
It is anticipated that TUL will list on the ASX during March 2021.
