- Write by:
-
Friday, September 4, 2020 - 1:30:20 PM
-
876 Visit
-
Print
Mining News Pro - Metals miner Independence Group has struck an agreement with junior Boadicea Resources for the conditional sale of nine Fraser Range tenements at a potential sales price of A$57-million plus royalties.
The transaction will include a A$5.5-million up-front, non-refundable cash payment to Boadicea and a A$1.5-million subscription to purchase 6.25-million Boadicea shares at 24c each.
A A$50-million cash payment would become payable to Boadicea on Independence making a discovery and declaring a resource at the tenure within a five-year period, with Independence also granting the junior company a 0.75% net smelter return on all revenue associated from mineral production at the tenure.
The tenure includes the Symons Hill tenement, which is adjacent to Independence’s Nova mining lease, as well as tenements proximal to the Silver Knight and Mawson discoveries.
“As the dominant landholder along the Fraser Range and the operator of the Nova operation, Independence maintains a strong conviction for the potential of the region to host multiple nickel/copper sulphide deposits,” said MD and CEO Peter Bradford.
“The Symons Hill tenement in particular, which adjoins the Nova mining lease, is an area that has received relatively little exploration to date and represents the extension of the Nova mafic-ultramafic intrusive system. We are keen to explore this area for repetitions of Nova-style nickel/copper/cobalt mineralisation.”
Boadicea MD Jon Reynolds said that the agreement with Independence provided a substantial cash injection and a unique opportunity to leverage the exploration skills of the company within the Fraser Range, to explore for nickel sulphide mineralisation, allowing upside participation from any discovery.
The transaction will be subject to Boadicea shareholder approval.
Short Link:
https://www.miningnews.ir/En/News/594113
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
No comments have been posted yet ...