Snake Well sale completed

12th February 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed junior Kalamazoo Resources has completed the A$7-million sale of its Snake Well gold project, in Western Australia.

The company in November of last year reached an agreement with privately-held Adaman Resources to divest of the project, while maintaining a 2.5% net smelter royalty on any base metals mine at the project area.

Snake Well has a mineral resource inventory of 1.79-million tonnes, grading 2.45 g/t gold for 141 000 oz of gold.

Kalamazoo said on Tuesday that the A$7-million sales proceeds, which will be payable over 24 months, will be used to fund the company’s aggressive exploration and drilling programme at its Wattle Gully gold project, in Victoria, and its Cork Tree copper project and Pilbara gold tenements, in Western Australia.