PERTH (miningweekly.com) – ASX-listed Okapi Resources will proceed with the acquisition of the Enmore gold project, in New South Wales, after completing a successful due diligence.
The junior in December announced a heads of agreement under which it would acquire the gold project for a A$75 000 cash payment and the issue of A$200 000 worth of shares.
The company would make a further A$300 000 cash or share payment to the project vendor after having conducted a minimum of 1 000 m or reverse circulation drilling or spending no less than A$200 000 on the tenement.
A further A$400 000 in cash or shares will become payable after Okapi defines a Joint Ore Reserves Committee-compliant resource of no less than 100 000 oz of gold equivalent, at greater than 1.5 g/t gold.
The Enmore project hosts two advanced walk-up drill targets, as well as a number of high quality exploration targets, Okapi said on Wednesday.
“The drill-ready and high-grade nature of these exciting gold projects has justified Okapi in taking the next step forward with the Enmore project,” said executive director Andrew Shearer.
“Planning is well under way now to complete the 1 000 m drilling and A$200 000 exploration programme as part of Milestone One, allowing Okapi to make a decision to continue with the staged acquisition of the project.