The Pilgrim Prospect is located about 110 kilometres south-southeast of Mount Isa. Krucible Metals Ltd (Krucible) fulfilled its earning commitment in the JV and have now earned 80% equity by expenditure of over $400,000. The total expenditure by Krucible on Pilgrim EPM 15072 is currently $1.13 million. Further drilling for Tick Hill style gold targets is planned by Krucible for 2011/2012.
Having acquired its 80% interest, Krucible can elect to buy-out DYL’s remaining interest by issuing 1.2 million Krucible shares to DYL.
For further information on the Pilgrim JV go to: www.kruciblemetals.com.au