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Northern Star Limited has increased interest in a joint gold venture to 75 percent.

Northern Star Resources is a global Australian gold producer with projects located across Australia and North America.

The company previously held interest at 20 percent, now increasing interest by 55 per cent. The joint venture began in 2016 and Northern Star initially invested $500,000.

Northern Star invested an additional $3m in exploration activities, increasing the interest agreed upon. The company is in the venture with Pioneer Resources at mining project ‘Acra Gold’.

The Acra Gold Project covers 340km squared in North East Kalgoorlie, WA.

Northern Star Chief Geological Office Michael Mulroney said: “A successful exploration outcome will advance the Acra Gold Project to become part of Northern Star’s Kalgoorlie consolidated operational center in the Eastern Goldfields of Western Australia”.

Pioneer Resources owns the remaining interest in the project. Pioneer Resources is an exploration company with projects located in Canada and Western Australia.

Pioneer is currently free-carried by Northern Star until a mining proposal is approved by the Department of Mines, Industry Regulation and Safety.

After approval, Pioneer is able to elect for a mining joint venture wherein both parties contribute to expenditure proportionate to interest.

Otherwise, Pioneer can elect to assign its 25 percent to Northern Star at fair market value.

Pioneer Resources Managing Director David Crook expressed satisfaction in Northern Star achieving 75 percent interest in the Acra Gold Project.

Rights to nickel sulphide ore in the project are owned by Pioneer.

Please see the announcement attached

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