Australia-based Meteoric Resources has signed a deal to promote its Juruena gold project, in Brazil to Keystone Resources for $22m (A$30m).
Meteoric will obtain money cost of $2.5m upon closing of the transaction.
The Australian exploration firm may also obtain a further $7.5m inside six months of finishing the transaction adopted by an extra $10m one yr after deal closing.
Besides, Meteoric will obtain a 2% gross royalty on the on all minerals produced from the project, which is capped at $2m.
Meteoric managing director Andrew Tunks mentioned: “I’m very pleased with the work we’ve got accomplished in firstly figuring out then securing Juruena adopted by our profitable exploration of the Project over the previous three years.
“During this time the staff has produced some really superb drilling outcomes in the end ensuing in a considerable Mineral Resource of 1.9Mt at 6.3 g/t Au for 387 Koz2.
“We consider this the ideal moment at which the pass Juruena to a group far better placed than ourselves to now develop the Project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit.”
The transaction is anticipated to conclude earlier than the tip of August 2022.
Meteoric plans to use the sale proceeds to fund exploration programmes on the Palm Springs Gold Project in Western Australia.
As per estimates, the Juruena mine comprise a JORC useful resource of 1.9MT for 387koz of gold at 6.3 g/t, comprising three separate however adjoining gold deposits.
Keystone, which is a wholly-owned subsidiary of Alchemist Investments, plans to implement the mine growth and operation via its Brazilian subsidiary.
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Keystone to buy Meteoric’s Juruena gold project in Brazil & More Latest News Update
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