WPG signs on for Mungana gold projects
PERTH (miningweekly.com) – ASX-listed WPG Resources has signed a sale and purchase agreement with fellow-listed Mungana Goldmines to acquire its subsidiary Tunkillia Gold, which holds interest in the Tunkillia and Tarcoola gold projects, in South Australia.
Tunkillia Gold holds a 70% interest in the Tunkillia project and has full ownership of Tarcoola.
Under the agreement, WPG would purchase all the issued capital of Tunkillia Gold for A$1.35-million in cash, and issue 7.5-million shares, as well as a deposit of A$150 000.
WPG would also guarantee some historical obligations linked to the Tarcoola gold project, and would pay Mungana a net smelter royalty return for attributable gold and silver produced from the Tunkillia project.
A total of A$1-million would also be paid to Mungana on the achievement of certain milestones, including the establishment of a Joint Ore Reserves Committee-compliant resource of 100 000 oz or more at Tarcoola, and the start of either mine construction or mining operations at Tunkillia.
WPG told shareholders on Thursday that feasibility and scoping studies have been carried out at Tunkilllia and Tarcoola, which resulted in Tunkillia being assigned a total resource estimate of some 26.3-million tonnes, grading 1.04 g/t gold for 878 000 oz of gold, as well as 2.5-million ounces of silver, at the 100% level.
In addition, a mining lease application was lodged for the Tunkillia project during April this year.
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