THE BULLSEYE / BLUE CAP MINING JOINT VENTURE PARTNERSHIP
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The Bungarra Gold mine is the first open pit to be mined by Bullseye at the Company’s flagship North Laverton Gold Project. Mining of the Bungarra Project is being undertaken pursuant to an innovative joint venture model between Bullseye and highly experienced open-pit mining specialists, Blue Cap Mining (‘Blue Cap’).
Under the joint venture structure, profits from the Bungarra Gold mine will be split 70% to Bullseye and 30% to Blue Cap.
Blue Cap is currently providing a ‘turn-key’ mining solution at Bungarra, which includes: mining fleet, mining services, infrastructure works, drill and blast, ore transport and all other ancillary mining services, with all Blue Cap services being provided to the joint venture free from normal commercial operating margins.
The Bullseye/Blue Cap joint venture has also executed a toll treatment agreement to process the Bungarra Gold ore on an attractive campaign basis. The processing campaigns will be overseen by both Bullseye and Blue Cap specialist personnel, with the Gold to be sold via an account now established with the Perth Mint.
The mining fleet was mobilised to Bullseye’s flagship North Laverton Gold Project in October and November 2020, ready to commence mining operations at the Bungarra open pit.
Aerial Shot of the Bungarra Open Pit Gold Mine
Bullseye and BlueCap staff at the Bungarra Gold Mine