Gold Fields inks JV deal Down Under

South African producer Gold Fields (GOLD-Q) has formed a joint venture with Tanami Gold to explore the Solitaire project in Australia’s Northern Territory.

Gold Fields can earn an initial 25% interest in the property by spending A$1.5 million, and this can be increased to 51% in return for an additional expenditure of A$1 million over three years. By completing a bankable feasibility study, Gold Fields can boost its interest further still, to 60%.

Gutnick Resources holds an 11.4% stake in Tanami. Together, the two companies control more than 100,000 sq. km in the Tanami-Arunta region of the Northern Territory.

The Solitaire property comprises 1,650 sq. km and is situated 500 km northwest of the town of Alice Springs and 80 km southeast of Normandy Mining’s Granites gold mine.

Preliminary exploration has outlined five zones of anomalous gold and arsenic over a strike length of 40 km. Tanami, as operator of the joint venture, intends to carry out mapping, sampling and drilling.