Matsa acquires more ground around Red October
PERTH (miningweekly.com) – ASX-listed Matsa Resources has struck a deal with fellow listed GME Resources to acquire the Devon gold mine, in Western Australia, for A$100 000.
Under the terms of the agreement, Matsa will pay GME A$50 000 in cash, with the balance of the payment to be made in either cash or Matsa shares.
GME will also retain a 1% net smelter royalty over any gold produced at the Devon tenements.
The Devon openpit gold mine was initially trial mined by GME in 2015, producing some 2 195 oz of gold. The pit was extended in 2016 and produced a further 7 398 oz of gold over a six-month period.
GME said on Thursday that the operation generated close to A$6-million in profit, which funded the prefeasibility study on the NiWest nickel/cobalt/laterite project.
However, the company had resolved not to pursue the remaining inferred mineral resource within the Devon area, telling shareholders on Thursday that it was pleased to have facilitated the sale of the asset to a dedicated gold company.
Matsa pointed out that in addition to the recent deal struck with fellow listed Anova Metals, the acquisition of the Devon gold mine tenements would allow the company to progress exploration in the region.
Matsa earlier acquired an option over Anova’s Devon tenements, which is south of its own Red October gold mine. Under the terms of that agreement, Matsa could elect to exercise the option by paying A$200 000 within an 18-month period to acquire the tenements, with Matsa also subscribing for 10-million Anova shares at a price of 2.25c each.
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