Gold Fields (GFI-N) has dropped its option on the Monte Ollasteddu gold project on the Italian island of Sardinia, leaving Bolivar Gold (BGC-T) uncertain of its future in a joint venture.
Gold Fields, which had an option to earn 60% of the project, told Bolivar it had had too much difficulty getting drilling permits for the project. Bolivar, in turn, informed the underlying property holder, Medoro Resources (MRL-V), that it would have to reconsider its option to earn a 70% interest in the project.
Monte Ollasteddu, in the southeastern part of the island, is host to a swarm of structurally-controlled gold veins and stockworks in porphyrytic rhyolites. There has been no resource calculated on the prospect but grab samples from the veins have graded up to 16 grams gold per tonne. Drilling in 2004 mainly encountered veins grading between 1 gram and 2 grams gold per tonne over widths of 1-2 metres, with local wider zones.
Bolivar’s agreement with Medoro requires it to obtain “research and access rights” to Monte Ollasteddu to earn a 15% interest, to fund a pre-feasibility study to earn another 40%, and to provide a final feasibility study for another 15%. Under the agreement between Gold Fields and Bolivar, Gold Fields was earning a 60% interest by funding Bolivar’s obligations to Medoro.
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