GBM buys Mt Morgan from Native Minerals
PERTH (miningweekly.com) – ASX-listed GMB Resources has inked a binding term sheet with fellow listed Native Mineral Resources to acquire its Mt Morgan gold/copper project area, in Queensland.
Under the terms of the agreement, GBM would pay a A$35 000 deposit on the execution of the agreement, and should a renewal for the exploration permit not occur within a 12-month period, this deposit would be refunded to GMB.
In addition to the deposit fee, the company would also issue Native Minerals some 1.56-million shares, valued at A$200 000, within two weeks of the exploration permit being renewed.
“Discussions with Native Minerals have been ongoing for several months and we are very pleased to have added the prospective Mt Morgan tenement package to our Mt Morgan project area,” said GMB MD and CEO Peter Rohner.
Native Minerals MD Black Cannavo said that the divestment of the asset was consistent with the company’s strategy to unlock value from its prospective gold and copper assets in Western Australia and North Queensland.
“As recently reported, we are seeing tremendous potential for Music Well to host significant gold mineralisation and we are embarking on an aggressive programme to unlock this potential. Our Palmerville project, in North Queensland, is also shaping as an exciting copper project and we are committed to deploying our resources towards undertaking the next phase of exploration at these projects over the coming months.”
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