West Australian gold explorer Focus Minerals (ASX: FML) today announced that the Company has terminated, by mutual consent, the Laverton Tenements Joint Venture (Laverton JV) held with Central Australian Rare Earth Pty Ltd (CARE), a subsidiary of Strategic Minerals PLC (LON: SML).
Under the terms of the Laverton JV, which was executed in 2014, CARE was entitled to earn an interest in various tenements that are part of Focus’ Laverton Gold Project, in return for CARE meeting agreed exploration expenditure thresholds targeting non-gold metals and minerals.
Focus and CARE have now agreed to mutually terminate the Laverton JV and release each other from any and all associated claims. As the earn-in expenditure thresholds as per the terms of the Laverton JV were not satisfied, ownership of the relevant tenements – namely E38/1864, E38/1642 and E38/1725 – remains 100% with Focus.
The termination of the Laverton JV allows Focus to further concentrate on advancing the highly prospective Laverton Gold Project. A Pre-Feasibility Study into a Stage 1 mining operation at Laverton is being finalised and due for completion in coming weeks.