PERTH (miningweekly.com) – ASX-listed RNI has acquired the Chunderloo mining tenements from fellow-listed Westgold Resources.
The tenements are part of Westgold's Central Murchison gold project, in Western Australia.
RNI will issue five-million shares in exchange for the Chunderloo project, while Westgold will also release RNI from a right of first refusal held by the company over some tenements held by RNI.
Westgold told shareholders on Wednesday that the deal represented a constructive consolidation of tenure for both RNI and Westgold, as the companies focused on their respective projects in the region.
RNI executive director Debbie Fullarton added that it was a good opportunity for the company to cost-effectively add a highly prospective project that sits alongside its Bryah basin portfolio.
“We will move to quickly add value to this project by following up and expanding on the historical work that has already been undertaken,” she added.
The Chunderloo project has a non-Joint Ore Reserves Committee-compliant resource of 22 000 t, at 5.4 g/t gold and 1.6% copper. Mineralisation at the project is open down-plunge and a key objective is to extend the known resource while carrying out metallurgical testwork.