PERTH (miningweekly.com) – ASX-listed Syndicated Metals has struck a deal with fellow listed Minotaur Exploration to sell its Northern Hub copper exploration tenements in north Queensland.
The project area includes nine exploration permits, which will collectively be known as the Highlands project, covering some 776 km2.
Under the terms of the agreement, Minotaur would acquire the project area for A$125 000 in cash, as well as A$275 000 worth of Minotaur shares, based on the five-day volume weighted average price.
The transaction would be subject to Ministerial consent, and the execution of assignment deeds for the various contracts relating to the tenements, and the consent of CopperChem in relation to its ongoing rights on part of two tenements.
Syndicated told shareholders on Wednesday that the transaction was consistent with the company’s strategy of crystallising value from its extensive North Queensland exploration portfolio and reducing its ongoing holding costs of these tenements, while maintaining its focus on gold and other new project opportunities in Western Australia.
“This further rationalizes our North Queensland asset base following the sale of the Barbara copper project last year, significantly reducing the ongoing cost of maintaining these tenements in good standing, and is consistent with our strategic focus on gold and base metals assets in Western Australia,” said Syndicated MD David Morgan.