Alt buys Chameleon
PERTH (miningweekly.com) – Junior Alt Resources has entered into an agreement with fellow ASX-listed Minotaur Exploration to acquire the Chameleon gold deposit in Western Australia.
The project is estimated to host an inferred resource of 1.1-million tonnes, grading 2.1 g/t gold for 77 000 oz of gold, and has substantial exploration upside with numerous drill-ready targets.
Under the agreement, Alt will pay A$600 000 in cash within 60 days of executing a binding term sheet, and will issue two-million of its own shares, at a deemed value of 10c a share. In the event that Alt shares fall below 8.5c each over a five-day trading period, the company will issue additional shares worth A$200 000.
The transaction is also subject to a number of conditions precedent, including the signing of a nickel rights agreement, the assignment of applicable royalties, as well as the necessary third party approvals and consents.
Alt CEO James Anderson said on Thursday that the Chameleon deposit represented a significant acquisition for Alt, and was in line with the company’s strategy to develop small Western Australia-based openpit toll treating projects.
“Moving forward, this toll treating strategy is aimed at generating future cash flow for the company as these Western Australian projects progress. Chameleon is an undeveloped asset with oxide openpit potential and exploration upside.
“The company intends to fast-track resource drilling at Chameleon with the aim of bringing the resource to indicated status. Other gold prospects within the leases also show promising historical results with limited modern exploration.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
