PERTH (miningweekly.com) – Junior Metminco has struck an agreement to divest of its legacy and non-core Mollacas asset, in Chile, to a local company for $1-million.
The sale would be subject to the satisfaction of a due diligence, Metminco said on Wednesday.
Metminco MD Jason Stirbinskis told shareholders that this was a ‘very sensitive’ transaction for both Metminco shareholders and for the acquirer, with both companies working towards a timely close of the transaction.
“The recently reformed Metminco business is solely focused on our expansive and highly prospective position in Colombia, and this non-dilutive capital injection of about A$1.5-million will assist to drive our exploration push which has recently commenced with diamond drilling now under way at our Chuscal gold target.”
The Mollacas asset, which is on care and maintenance, is estimated to host a measured and indicated resource of 15.4-million tonnes, grading 0.51% copper, and 0.13% gold.