Australia’s Mount Ridley, previously a Fraser Range explorer, is changing its strategy and will rebrand as Longland Resources, following the acquisition of a polymetallic project on the east coast of Greenland.
Longland was founded by Thomas Abraham-James, who is tapped to become MD of the company when the deal is closed.
Mount Ridley will issue 1.76-billion shares and 300-million performance shares to buy Longland, which was established in 2017 to advance the Ryberg project.
The project has been operated sporadically by various junior exploration companies.
“The board of Mount Ridley Mines considers that the proposed acquisition of Longland Resources represents a rare opportunity to engage in a potentially significant nickel/copper/cobalt/palladium/gold magmatic sulphide play in Greenland.
“With a dominant land position, prospective lithologies, numerous nickel, copper, cobalt, palladium and gold anomalies and near surface electromagnetic conductors, 2020 is shaping up to be a truly transformational year for the company,” comments chairperson Peter Christie.
The company says it is planning a diamond drilling and high-resolution aeromagnetic/gravity/radiometric survey for July.