Erongo breaks into WA
PERTH (miningweekly.com) – Democratic Republic of the Congo- (DRC-) focused Erongo Energy was hoping to break into the Australian exploration market with the proposed acquisition of Ninghan Exploration.
Ninghan holds the applications for gold and base metals exploration projects in Western Australia, which were identified by former Perseus CEO and MD Mark Calderwood.
Erongo told shareholders on Tuesday that following the completion of the Ninghan acquisition, Calderwood would be appointed as a technical director and would oversee the exploration assets.
The exploration licence applications, collectively known as the Lyons project, cover some 1 248 km2 of terrain, 230 km north-west of Meekatharra. Erongo noted that the project area was considered highly prospective for the discovery of significant mineralisation and a number of priority targets had been identified within the project area.
Initial exploration plans include refining the target areas, and undertaking ground truthing exploration.
Under the terms of the proposed acquisition, Erongo would issue some 16-million shares and reimburse Ninghan some A$50 000 for past exploration costs.
If a Joint Ore Reserves Committee-compliant inferred resource of at least 500 000 oz of gold, or gold equivalent, at greater or equal to 1.5 g/t is determined within a three-year period, Erongo will issue a further five-million shares, capped to a maximum of A$2-million to Calderwood.
The agreement was subject to a number of conditions, including the completion of a due diligence.
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