PERTH (miningweekly.com) – Junior miner RNI would acquire the Doolgunna copper/gold project, in Western Australia, from Ascidian Prospecting.
In 2010, RNI secured an option to acquire the project, and in June last year extended the option agreement.
RNI on Tuesday said that under the terms of the sales agreement, the company would pay Ascidian a $150 000 deposit within five business days, and would issue the owner with three-million unlisted RNI January 2018 options, exercisable at 3c each.
RNI would further pay A$550 000 to Ascidian before July 7, and would issue the company A$200 000 in RNI shares. To complete the acquisition, RNI would pay a further A$300 000 on or before July 7, 2017, and would issue a further A$400 000 in RNI shares.
In addition, Ascidian would be paid a 1% gross on all of the minerals produced from the Doolgunna project.
The project is considered highly prospective for volcanic hosted massive sulphide discoveries, and RNI was testing these targets as part of an ongoing 24 000 m drilling and exploration programme.