Legacy buys TNG project for A$5m
PERTH (miningweekly.com) – ASX-listed Legacy Iron has signed an agreement with fellow-listed TNG to acquire the Manabarrum zinc-lead-silver project, in the Northern Territory, for A$5-million.
The project comprises a series of Mississippi Valley-style lead/zinc/silver deposits that were discovered in 2007, and includes three exploration licences and two mineral authorities, covering a combined 407 km2.
Under the terms of the sales agreement, Legacy would make a A$2-million cash payment on the completion of a 60-day due diligence period, with the outstanding A$3-million to be paid either in cash or Legacy shares, on a deferred basis, subject to further agreement between the parties.
The sales transaction was subject to a number of conditions, including the completion of the due diligence, board and regulatory approval, and the execution of a sale and purchase agreement within 90 days of signing the term sheet.
TNG MD Paul Burton said on Monday that the sale of the Manabarrum project was consistent with the company’s focus on the flagship Mount Peake vanadium/iron/titanium project, where TNG was progressing with a feasibility study.
The sale was also in line with TNG’s aim to realise value or monetize its noncore mineral assets in the Northern Territory.
Legacy MD Sharon Heng, in turn, said that the potential acquisition of the Manbarrym project would complement the company’s existing gold and base metals portfolio, and would potentially allow Legacy to look at a greater portfolio of assets to spin off in the future.
“Furthermore, the acquisition will position the company with a dominant position in a major base-metal and ferrous area, and may also provide an interest in the Legune prospect and other base metal deposits in the region,” Heng said.
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