ERO to acquire Ramelius’ Spargoville project for A$400 000 in shares
JOHANNESBURG (miningweekly.com) – ASX-listed ERO Mining has entered into an agreement with Ramelius Resources to acquire its Spargoville gold project, in the Yilgarn Craton, in Western Australia, through an all-scrip transaction.
ERO would issue 133.4-million fully paid ordinary shares to Ramelius to the value of A$400 000.
As part of the acquisition, the parties had also agreed to a strategic alliance, which could see Ramelius assisting ERO with the commercialisation of gold discoveries at Spargoville and other gold projects owned by ERO.
The Spargoville project comprised a tenement package of 27 granted mining leases, two granted exploration licences, five prospecting licences and two miscellaneous licences, which included 100% gold rights and various nickel rights.
The acquisition remained subject to various conditions, including shareholder approval, approvals by the Mines Minister and due diligence procedures.
“We are pleased to be in a position to acquire the highly prospective Spargoville project, which contains a large tenement package with huge exploration potential. The project represents an exciting opportunity to potentially discover significant gold deposits similar to Wattle Dam,” ERO MD Joe Houldsworth said in a statement.
The 11 440 ha Spargoville gold project is an advanced exploration project that incorporates the Wattle Dam gold mine, which operated as a successful underground gold mine between 2006 and 2012, producing 880 000 t/y at 10.1 g/t gold for about 286 000 oz.
“This acquisition provides a solid platform for the company to deliver on its plans for an exciting new phase of growth,” Houldsworth added
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