Junior Carbine Resources said on Friday that its proposed acquisition of the Sandbox silica sands project, in Queensland, from FNQ Sands had fallen through.
“It has been determined by the company that the condition precedent regarding the approval of Carbine shareholders will not be able to be met and the vendors have not agreed to an extension of the term sheet,” the ASX-listed firm said in a statement.
The 8 104 ha Sandbox project would have offered Carbine a near-term development project. The company said that it would continue to advance its own Muchea project, in Western Australia.