Australia-based Argent Minerals plans to enter into a joint venture (JV) with Sunshine Reclamation for the Sunny Corner asset in New South Wales. The mine has reserves of lead, zinc, copper, gold, and silver. The deal will cost Argent Minerals $1.5mn for exploration over the next three years.
In 2019, Argent had sold its mining license to Sunshine Reclamation to undertake rehabilitation activities. Argent had sold the asset as the company did not have time or the resources for rehabilitation work. After the sale to Sunshine Reclamation, the company worked on to treat contaminated materials and ores.
The license for the mine will be shared between both the companies as the rehabilitation activities continue and the JV looks to unlock potential discoveries. Ardent will explore areas that do not need rehabilitation. If the company wants to explore areas that need work, a $25,000 access fee would be charged.
Initial resources at Sunny Corner were 1.5mn mt, of which, 32,300mt consisted of lead, 55,800mt of zinc, and 5,700mt of copper. Among precious metals, gold was 12,640 ounces and silver 1.2mn ounces.