PERTH (miningweekly.com) – ASX-listed junior Kalamazoo Resources has completed the acquisition of the Mt Piper gold project, in Victoria, from fellow-listed Coda Minerals.
The two companies in July struck an agreement under which Kalamazoo would acquire the project for A$300 000 in cash, the issue of more than 1.5-million fully paid ordinary shares, and a 1% net smelter royalty on any minerals extracted from the tenements.
Kalamazoo told shareholders on Monday that the Mt Piper project was an excellent fit within the company’s strategy of acquiring and exploring high-quality gold projects in Victoria, with a target threshold of 1-million ounces and grades of more than 10 g/t gold.
With the project acquisition now completed, the company’s focus will be on expanding target generation analysis, designing initial low-impact exploration programmes for high priority target areas, and advancing prospects towards drill-ready status.