In general and in principle, joint ventures are entered into by two or more parties in the mining industry to explore/develop a property or properties, with a clear understanding of the terms of the agreement, ie. amount of the expenditures and by whom, operator, work to be carried out, time frame and resulting ownership, etc if all commitments are or are not fulfilled.
In practice, the optioner, the beneficial owner of the property or properties, is prepared to offer a % interest in the property(ies) if the optionee fulfills the agreement. The property(ies) are generally those for which the owner considers as relatively low priority and/or has insufficient funds to conduct the required assessment work. There are no guarantees from either party as to the success of the endeavour.
The 3 J/V's debated here........Hawk, Lund and Southampton, have been cancelled due to less than encouraging results ultimately by diamond drilling. So be it!! That's how the game is played out.....nothing sinister, no recriminations.
In the case of Lund, it should be mentioned that in a Nov 30/08 PR, that Dr. Mungall stated that the targets were "conductors (which) represent exhalative chemical sediments, either IF or VMS mineralization.......". From the Mar 18/09 PR, which said that "narrow intercepts of disseminated to semi-massive sulphides.........best result was a 0.85m interval that assayed 1.22% Zn" were discovered from diamond drilling. In my opinion, Dr. Mungall's prediction has been proven. As an addendum, I would also like to add that exhalites anomalous in Zn, are commonly found distal to VMS deposits.
Lets cut the crap on this forum, and concentrate on providing some factual posts which will enable us to better understand the geology and mineral potential of the ROF.
In my opinion, this has become more of a "social/warm and cosy/soap box", forum where many participants appear want to enhance their personal statures rather a business forum where they want to enhance their investments in NOT.
I left because I didn't trust the new BOD......still don't......but I will give them an opportunity and time to make me $$.
Keep up the excellent technical posts Hoov!!
Regards
geoprof
