Temex currently holds 60 per cent interest in the Timmins-area JV, while Goldcorp retains 40 per cent.
Among the highlights of the agreement, Temex and Goldcorp will negotiate a net smelter return royalty, should Temex vest a 100 per cent interest in the property, as well as a purchase agreement for up to 500,000 tonnes of mineralized material, and the project will be covered under Goldcorp’s existing permit for noise, dust and air.
“We are very pleased to reach this arrangement with Goldcorp which defines the participating interests and more importantly crystallizes the path forward for the advanced exploration and development of the 110 Zone,” said Ian Campbell, president and CEO of Temex, in a release.
“We are particularly pleased with our joint efforts to continue advancing the project and Goldcorp’s participation in several aspects of the program, including an agreement to purchase mineralized material and their invaluable assistance on environmental and permitting work.”
Campbell said Temex is developing a plan and schedule for the implementation of a bulk sample project on the 100 Zone, pending the completion of the permitting process, in addition to seeking out financing options.
The parties are expected to finalize a definitive agreement within 90 days.
The Whitney property has a NI 43-101 compliant resource on the Upper Whitney of 0.97 million tonnes at a grade of 7.02 g/t gold for 218,100 ounces of gold in the measured category, plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500 ounces of gold in the indicated category, and 1.0 million tonnes at a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred category at a cut-off grade of 3.0 g/t gold.