PERTH (miningweekly.com) – Junior explorer Province Resources has struck an agreement to potentially acquire seven exploration licences in Western Australia that are prospective for salt, potash and mineral sands, and could be suitable for the development of a renewable green hydrogen project.
Under the proposed acquisition agreement with vendor Ozexco, Province would pay an initial A$750 000 through the issue of 50-million of its shares, at a deemed price of 1.5c each.
An aggregate of 50-million performance shares would also be issued in three tranches, which would be converted into ordinary shares with the reaching of certain milestones, including scoping and feasibility studies on the project areas.
Ozexco would be paid a further A$80 000 for expenditure incurred at the projects to date.
The Gascoyne and the HyEnergy projects being considered cover an area of some 1 408 km2 in a region boasting salt and potash, as well as mineral sands projects. The potential HyEnergy project would benefit from the flat lying arid landscape with low intensity pastoral land use.
On completion of the acquisition, Province would undertake a number of exploration and study activities to confirm a resource base.