Stratum Metals’ drilling of priority Gold and Nickel targets on the East Menzies Goldfield Project is expected to be completed by contractor NDRC Drilling (NDRC) for shares in Stratum. NDRC have indicated they will be ready to mobilise from Kalgoorlie to site late next week.
The company has seen a strong level of interest from contractors, several of who commented on the quality of the East Menzies Goldfield Project. NDRC contacted Stratum to discuss drilling for scrip after reviewing the recently released investor presentation.
The Goodenough and Four O’clock gold targets are detailed in ASX announcement dated 2 October 2013 while the Emu nickel prospect target to be drill tested is described in ASX announcement dated 11 October 2013.
Recognition of the projects potential by third parties is very encouraging and the willingness to consider payment in the form of scrip could provide Stratum with future opportunities to maximise exploration achieved while conserving available cash.
As per the terms of the scrip, 100% of the contractors costs will be paid in the form of shares, issued to the contractors nominee within 14 days of completing the drilling. Shares will be issued at the higher of USD 0.06 or USD 0.015 below current market price and subject to voluntary escrow for one month.