PERTH (miningweekly.com) – Junior ASX-listed Minotaur Exploration has inked a formal sales agreement with Shine Resources to divest of its Chameleon gold deposit, in Western Australia.
The company in October 2016 flagged a sales agreement with Shine Resources for A$550 000, in three stages, as well as a production payment of up to A$250 000.
Shine has now completed a due diligence on the project and the two companies have executed a sales agreement, with the key sale and purchase terms remaining unchanged.
“We are pleased to now have a formal sale agreement. The sale of Chameleon is in line with Minotaur’s strategy to optimise its portfolio and focus on discovering copper-gold systems obscured under cover within Australia,” said Minotaur MD Andrew Woskett.
The Chameleon project has an inferred mineral resource of 1.1-million tonnes, grading 2.1 g/t gold for 77 000 oz of contained gold.