PERTH (miningweekly.com) – Junior explorer Blina Minerals will take a 50% interest in privately held Colour Minerals, which holds the Barkly gold/copper project, in the Northern Territory.
Under a deal struck with Colour Minerals’ only shareholder, Kalgoorlie Mine Management, Blina will acquire a 50% interest in Colour in exchange for 861-million of its own shares.
The deal was valued at A$645 750.
The transaction will be subject to a number of conditions, including the completion of a due diligence.
The Barkley project is 45 km from the town of Tennant Creek and is prospective for high-grade gold/copper/bismuth mineralsation. Recent exploration at the Bluebird prospect has been very successful, Blina said on Tuesday, with significant mineralisation intersections.
Blina’s primary objective following the acquisition would be to complete further drilling at Bluebird in order to define a Joint Ore Reserves Committee compliant resource estimate, and to ultimately develop a mining project at Bluebird.