Perth, Feb 11, 2009 AEST (ABN Newswire) - Robust Resources Limited (ASX: ROL) is pleased to announce an agreement between Robust and Ausmon Resources Limited ("Ausmon") for the Farm Out of an 85% interest in each of four of the Company's NSW exploration licences.
- Farm out of 85% interest in 4 of 5 NSW tenements.
- Minimum annual earn-in spend of $250,000 for three years.
- Robust retains operational management
- 15% retained as free carried interest.
- 100% of Bauloora Tenement Retained.
- Drilling continues on highly prospective Romang Island project in Indonesia's Banda magmatic arc.
The tenements being:
- EL6413 Pooraka
- EL6415 Tindarey
- EL6416 Mt Barrow
- EL6417 Cumnock to Ausmon Resources Limited.
Under the terms of the agreement Ausmon, will spend $250,000 per year on the tenements as a whole for three tenement years ending May 2011 with a right to withdraw after two years. Robust will be the Operator of the joint venture under an Operating Committee comprising two members from each Company. Work programs are being prepared for each tenement and the Agreement will ensure the availability of sufficient funds to continue a comprehensive exploration programme.
Robust retains a 15% free carried interest in each tenement until Ausmon earns its 85% interest therein and thereafter evaluation and development expenditure will be shared pro rata between the parties. Robust also retains its 100% interest in EL6414 (Bauloora), which is not included in the agreement.
The directors are also pleased to report that the 2,500m drilling program on the Company's highly prospective Lakuwahi Prospect in the South of Romang Island, Indonesia, remains on track.
Robust recently announced assay results from the first two holes of the program, which confirmed potential for extensive economic gold and silver mineralisation. Particularly encouraging were the results from the first hole, LWD-015, where a strong 41-metre zone of potentially economic gold and silver mineralisation was intersected.
The two holes, LWD-015 and LWD-016, both drilled thick zones of strongly hydrothermally altered and mineralised rocks from the collars to the ends of the holes. Hole LWD-016 contained elevated levels of gold and silver and strong copper, lead, zinc and barium over its entire length of 101.25 metres.
Assay results from a further six holes are pending.