Great Divide Mining (ASX:GDM) signed a binding agreement with Dart Mining (ASX:DTM) to farm out its Coonambula gold-antimony project in Queensland, according to a filing with the Australian bourse on Wednesday,
Dart has been appointed as the manager to operate the joint venture. The agreement is subject to a 90-day due diligence period and approval by Dart's shareholders.
Dart will initially take a 15% holding in the six exploration tenements at the project by paying Great Divide AU$250,000 in cash, extending to 51% by Dart conducting a minimum of 4,000m of drilling and preparing two geological and resource reports over a two-year period.
Dart will rapidly move towards exploration drilling initially at the Banshee antimony prospect.
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