Sourced: Shutterstock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pacifico Minerals (PMY) has signed a Native Title, Heritage Protection and Mineral Exploration Agreement for its Eight Mile Creek tenement
  • The agreement was signed with the Miriuwung and Gajerrong Aboriginal Corporation and paves the way for a long-term relationship
  • Under the agreement, Pacifico will undergo cultural awareness and heritage training and will aim to provide employment opportunities for the Miriuwung and Gajerrong people
  • Eight Mile Creek covers an area of 21,730 hectares to the south of the Sorby Hills Joint Venture Project
  • Pacifico owns a 75 per cent interest in Sorby Hills and is moving towards an optimised pre-feasibility study
  • Pacifico Minerals is up a healthy 25 per cent and shares are trading for 0.5 cents each

Pacifico Minerals (PMY) has signed a Native Title, Heritage Protection and Mineral Exploration Agreement for its wholly-owned Eight Mile Creek tenement.

The agreement was signed with the Miriuwung and Gajerrong Aboriginal Corporation. Securing this agreement paves the way for a collaborative relationship with the Miriuwung and Gajerrong people.

Pacifico will undergo cultural awareness and heritage training and will try to provide employment opportunities for the Miriuwung and Gajerrong people where they are qualified.

“The agreement means that the Miriuwung Gajerrong people will have the opportunity to benefit from future exploration as well as any future production from the Eight Mile Creek tenement,” Managing Director Simon Noon said.

“We look forward to forging a co-operative and lasting relationship with the Miriuwung Gajerrong people,” Simon added.

Eight Mile Creek covers an area of 21,730 hectares (217 square kilometres) to the northeast of Kununurra and south of the Sorby Hills Joint Venture Project.

Pacifico holds a 75 per cent interest in the joint venture with the remaining 25 per cent interest held by Henan Yuguang Gold & Lead Co.

In October 2019, the company said the global resource at Sorby Hills increased by 20 per cent to 36 million tonnes at 4.7 lead equivalent and 0.5 per cent zinc.

The indicated resources in the area increased 53 per cent to 16.6 million tonnes at 4.8 per cent lead equivalent and 0.4 per cent zinc.

Following on from these findings, Pacifico is completing an Optimised pre-feasibility study targeting an increased mining rate and greater processing capacity. The study is expected to be completed in June 2020.

With the project advancing quickly, Pacifico believes the area has the potential to become a new mining district. The company is hoping to develop the region into a long-term, prospective area.

Pacifico Minerals is up a healthy 25 per cent and shares are trading for 0.5 cents each at 10:06 am AEST.

PMY by the numbers
More From The Market Herald
The Market Herald Video

" Woomera Mining (ASX:WML) appoints Jason Livingstone as new Managing Director

Mineral explorer Woomera Mining (ASX:WML) has appointed Jason Livingstone as its new Managing Director, effective from…
The Market Herald Video

" Stanmore Resources (ASX:SMR) gains full ownership of SMC, posts record EBITDA

Stanmore Resources' (ASX:SMR) subsidiary Dampier Coal has signed a share sale agreement with Mitsui to acquire…
The Market Herald Video

" Calidus Resources (ASX:CAI) eyes $20m to accelerate lithium & gold exploration

Calidus Resources (ASX:CAI) has received firm commitments to raise $20 million via a share placement.
The Market Herald Video

" Elmore (ASX: ELE) enters offtake agreement for newly-acquired Peko project

Elmore (ELE) subsidiary Peko has struck an ore sales agreement with Hong Kong-based Royal Advance to ship high-iron concentrate magnetite product to China.