https://www.miningweekly.com

IronRidge completes sale of May Queen project

11th January 2021

By: Tasneem Bulbulia

Deputy Editor Online

     

Font size: - +

Aim-listed IronRidge Resources has completed the sale of its noncore May Queen gold project, in south-east Queensland, to Australia-focussed gold explorer Australasian Gold.

IronRidge says this will enable it to maintain focus on its core African portfolio.

IronRidge will receive 4.5-million shares representing 28.1% of the enlarged share capital of Australasian Gold, with IronRidge to invest A$100 000 to provide Australasian Gold with additional working capital.

IronRidge will hold an initial 5.5-million shares in Australasian Gold representing 32.3% of the enlarged capital on completion of the transaction.

IronRidge maintains both top-up rights, as well as the option of a future seat on the Australasian Gold board.

Australasian Gold has a prospective gold project within the proven Ashburton region of Western Australia. Australasian Gold is currently working towards an initial public offering on a reputable exchange.

“We are pleased to be partnering with Australasian Gold on the divestment of our noncore May Queen gold project. The divestment provides IronRidge with significant project upside through exploration success, to be led by Australasian Gold, while allowing the company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa.

“Australasian Gold has demonstrated considerable experience in gold exploration to date, in addition to holding a prospective gold project in Western Australia, providing IronRidge with additional upside from their existing portfolio and the expertise they bring to the ongoing advancement of the May Queen project,” says IronRidge CEO Vincent Mascolo.

He notes that the board is confident that Australasian Gold will deliver further success at May Queen through targeted exploration.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.069 0.92s - 111pq - 2rq
Subscribe Now