PERTH (miningweekly.com) – ASX-listed junior Strandline Resources would divest of its Mt Gunson copper project, in South Australia.
The Tanzania-focused mineral sands explorer on Tuesday told shareholders that it had signed an agreement with Torrens Mining to divest of Mt Gunson for A$1.2-million in cash and four-million Torrens ordinary shares.
The Mt Gunson project comprises three exploration licenses and include the MG14 and Windabout copper-cobalt deposits, where Torrens was currently earning a 51% interest.
Strandline MD Richard Hill said that the agreement with Torrens delivers some upfront cash, and allowed the Strandline team to focus on its core business of advancing the Tanzanian mineral sands assets, while retaining exposure to the emerging Mt Gunson production story.
“Torrens has demonstrated expertise and commitment to advance the significant work they have already undertaken on the project to production status, and we look forward to following and benefitting from their progress,” Hill said.
The transaction was only subject to Ministerial consent and Torrens completing a due diligence on the project.