- Alderan Resources (AL8) executes a renegotiated option agreement with George Miller and Roy Myers (Miller-Myes) over the company’s Detroit project in Utah
- The agreement covers four patented mining claims totalling 68.25 acres, replacing the previous agreement with Miller-Myers covering 60 patented claims totalling 1010 acres
- The reduced area covered by the new Miller-Myer option agreement is the result of exploration carried out by Alderan over the Detroit district in Q4 2021
- Managing Director Scott Caithness says the new deal means the company can focus on two key anomalies in the area while relinquishing areas with less prospectivity
- Shares in Alderan last traded at 1.9 cents on June 2
Alderan Resources (AL8) has signed a renegotiated option agreement with George Miller and Roy Myers (Miller-Myes) over the Detroit project in Utah, US.
The agreement covers four patented mining claims totalling 68.25 acres and replaces the previous option agreement with Miller-Myers, which covered 60 patented claims totalling 1010 acres.
Alderan said the reduced area covered by the new Miller-Myer option agreement was the result of exploration carried out by Alderan over the Detroit district in the December quarter of 2021.
According to the company, the exploration highlighted a number of coincident IP and magnetic geophysical anomalies with associated anomalous copper and gold geochemistry in soils and rocks which were drill tested as part of the prospect prioritisation.
As such, Managing Director Scott Caithness said renegotiating the Myer-Miller option had allowed the company to retain a strategic tenement holding around the two key anomalies, dubbed Stem and Skarn, while relinquishing its holding in areas with less prospectivity.
“Reducing the Miller-Myer option area aligns with Alderan’s strategy of rapidly exploring tenements held under option and then retaining only those portions deemed prospective,” Mr Caithness said.
“Also and most importantly, this enables Alderan to maximise its expenditure on in-ground exploration at Detroit where the company is currently focused on the high potential Drum and Mizpah oxide gold deposits.”
The Chargeability Stem and Skam targets, which sit on the margins of the Miller-Myer leases, were not drilled in the programme and remain unexplored.
The renegotiated option comes with a total payment of US$342,000 (A$470,000) over four different payments over three years.
Alderan said there was no commitment to make these payments, but it was a requirement to keep the option in good standing annually.
As part of its renegotiated option, the company has told Tamra Mining Company of its withdrawal from the option agreement covering the Valley Crossroads project area.
Shares in Alderan last traded at 1.9 cents on June 2.