St Barbara has formed a joint venture (JV) with a subsidiary of gold explorer Alice Queen at the Horn Island project in Torres Strait, Far North Queensland.
Horn Island comprises an existing, known mineral field and abandoned gold mine that was only previously explored to shallow depth and is also a small part of the known mineralised area.
JV partner and Alice Queen subsidiary, Kauraru Gold, plans to expand the scope of Horn Island’s exploration and understand the extent of its mineralisation.
Alice Queen has been undertaking a “detailed search” for the right partner at Horn Island.
Coincidentally, St Barbara has experience developing a gold project on an island that bears geographical synergies to Horn Island – the Simberi mine in Papua New Guinea.
“The agreement with St Barbara was formed on the back of extensive talks with a number of interested parties, but ultimately the company was of the view that St Barbara was the perfect fit for both Alice Queen and Horn Island,” Alice Queen managing director Andrew Buxton said.
“We are pleased to have secured St Barbara as our partner for Horn Island and we look forward to working closely together with a mutual view of exploring and developing this asset into a profitable gold mine.”
St Barbara could earn a 70 per cent interest in the Horn Island by sole funding $4 million of expenditure within three years.