Precious Metal moves to buy Peel Fault project
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.
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