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Precious Metal moves to buy Peel Fault project

18th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Precious Metal Resources has announced the acquisition of the Peel Fault gold project, in New South Wales, from a subsidiary of fellow-listed Sovereign Gold.

The Peel Fault project was previously the subject of a farm-in agreement and joint venture with the Sovereign subsidiary.

Under the terms of the acquisition agreement, Precious Metal would issue two-million shares to subsidiary Gossan Hill, as a consideration for 100% interest in the Peel Fault project.

The project consists of a number of exploration licences in the Tamworth Trough.

Precious Metals said on Monday that the project was a major unexplored gold belt, with the company already having identified a highly prospective target. Some A$9-million has already been spent on exploring the project area.

Edited by Creamer Media Reporter

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