PERTH (miningweekly.com) – ASX-listed Vital Metals’ A$15-million sale of its Watershed tungsten project, in Queensland, has been completed.
The company in May this year struck a deal with fellow-listed Tungsten Mining to divest of the asset.
“The sale of Watershed has put Vital in a strong financial position to enable us to drill a lot more ground at Bouli, where we are continuing to deliver impressive high-grade gold results,” said Vital MD Mark Strizek.
Vital will use a portion of the proceeds to repay A$1.4-million to Macquarie, making the company debt free. The remainder of the funds will be used on the exploration programme in West Africa.