Further to its announcement of 23 January 2023, Gateway Mining Ltd (ASX: GML) (Gateway or Company) is pleased to announce that its Farm-in Joint Venture agreement (Agreement) with ASX-listed specialist exploration group SensOre Ltd (ASX: S3N) (S3N) has now been completed following the satisfaction of all conditions precedent. As a result, S3N is now able to commence active lithium-focused exploration across
Gateway’s Montague Gold Project in the Murchison Region of Western Australia.
The Agreement was executed between Gateway, Gateway’s wholly-owned subsidiary Gateway Projects WA Pty Ltd (Gateway Projects) and Exploration Ventures AI Pty Ltd (EXAI, a wholly-owned subsidiary of S3N) over selected tenements at the Montague Project.
Under the Agreement, SensOre (via EXAI) has the right to acquire up to an 80% interest in the lithium rights (and related by-products) within the Montague tenements listed in Appendix 2 (Tenements). Gateway will retain its existing rights to all other minerals within the Tenements, including precious and base metals. Gateway also retains a right to clawback its interest in the lithium rights to 30% at its discretion at the completion of the earn-in period.
Gateway continues to actively explore the Montague Project for step-change gold discoveries, with the aim of significantly increasing the existing 526,000oz1 Mineral Resource already defined at the Project.
S3N is a geoscience technology disruptor which plans to utilise the proprietary SensOre DPT© artificial intelligence tool to generate targets within the Tenements to explore for lithium. This exploration will be undertaken in parallel with Gateway’s ongoing gold exploration activities. To date, no lithium exploration activities have been undertaken at the Montague Gold Project. For further details please refer to the Company’s announced released on 23 January 2023.
