After signing US$10M joint venture deals with Renaissance Gold (REN.V) and Bravada Gold Corp. (BVA.V), OceanaGold (ASX:OGC, OGC.TO) seems to be fully focusing on the Silver State as the mid-tier producer announced a similar earn-in deal with American Pacific Mining (USGD.C) on its Tuscarora Gold Project.
The joint venture is structured in the same way as the previous deals OceanaGold signed. It can earn an initial 51% stake by spending US$4M within the first four years, where after it will be able to increase that stake to 75% upon spending an additional US$6M over an additional four years. Oceana will also be required to make US$250,000 in cash payments to American Pacific (US$50,000 is due immediately, the second tranche of US$200,000 will be due upon establishing a 51% stake in Tuscarora).
As we discussed in our report on Bravada Gold, OceanaGold seems to be actively looking for projects that have the same geological features as its Waihi gold mine in New Zealand where recent exploration activities have added about a million ounces to the resource at the Martha zone.