Terramin acquires gold project in S Australia
PERTH (miningweekly.com) – Junior Terramin Australia has signed an agreement with fellow-listed Maximus Resources to acquire the Bird-in-Hand gold project, and a portfolio of exploration tenements, in South Australia.
The Bird-in-Hand project is located around 30 km from Terramin’s existing mining and processing facilities at the Angas zinc mine, and has a resource of some 598 000 t, at 12.3 g/t gold, for 237 000 oz of gold
CEO Martin Janes told shareholders on Friday that subject to regulatory approvals, the Bird-in-Hand ore would be processed using the Angas facilities, which could be modified to process gold ore.
The existing tailings dam at Angas also had the capacity to hold all the Bird-in-Hand tailings.
“Terramin’s experience operating in the Adelaide Hills places it in a good position to successfully operate the Bird-in-Hand gold project. It is our intention to work with the local community to ensure the best outcome to promote regional benefit with minimal impact,” said Janes.
Under the terms of the agreement, Terramin would pay Maximus some A$3.5-million in cash, as well as 25-million shares and a 0.5% royalty on future gold production.
Maximus said on Friday that the proceeds from the sale would allow the company to continue to focus on its existing base metals and gold exploration programmes, as well as place the company in a position to assess new opportunities at an appropriate time.
The company would retain three tenements in the Adelaide Hills which were prospective for gold, and would also continue to pursue joint venture (JV) opportunities to restart exploration on the Billa Kalina tenements, also in South Australia.
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