Ora Gold has announced that it has entered into a binding agreement with Australian gold producer, Westgold Resources, for a strategic co-operation relationship and $6 million placement. 

The primary aim of the strategic alliance is the advancement of Ora’s Crown Prince deposit into production.  

As part of the strategic alliance, Ora and Westgold will separately agree to the terms of an ore purchase agreement.  

Ora’s Crown Prince deposit, which hosts a mineral resource of 240koz at 4.1g/t gold (Au) is located approximately 33km via road from Westgold’s Bluebird Mill.  

The transaction provides Ora and its shareholders with a clear pathway to commercialising Crown Prince in the current gold price environment, validates the quality of the deposit and enables Ora to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate the development of Crown Prince.  

Ora’s CEO, Alex Passmore, said that Ora is very pleased to announce the Westgold Strategic Alliance and Placement, which provides a short and tangible pathway to production and cash flow from Crown Prince.  

“Ora and Westgold will work collaboratively over the next few months to define the development timetable,” Mr Passmore said.  

“This alliance with a large regional operator with extensive processing infrastructure gives us strong confidence in the potential for future economic extraction of other advanced projects within our tenure.” 

Image: Cherdchai101/shutterstock.com 

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