ASX-listed White Cliff Minerals entered into an agreement to sell its non-core gold project Merolia near Laverton, WA to London – listed explorer, Panther Metals, for $ 274,000 in cash and shares. Merolia’s divestment will allow the Perth-based company to focus on its landmark Reedy South project 40 km north of Cue and the Midas copper and gold project in Patterson County, both in Washington.. .
White Cliff Minerals, White Cliff Minerals, an ASX-listed gold and base metals exploration company, has entered into an agreement to sell its non-core Merolia gold project near Laverton, Washington, to Panther Metals, listed on the London Stock Exchange, for a total of up to- Front look is approximately $ 274,000.
The deal, which includes a cash payment of $ 112,500 and the allocation of 734,470 shares of Panther to White Cliff, is expected to close next month. The Merolia divestment will allow the Perth-based company to focus on the historic Reedy South project 40 kilometers north of Cue and the Midas copper and gold project in Patterson County, both in Washington.. .
Michael Susik, non-executive chairman of White Cliff Minerals, said: “While the Merolia project has high-quality historical gold results and great potential for identifying a first supplier in the future, the board considers that it is not fundamental to the company’s future direction centered around a project. Reedy South Gold and Midas Copper and Gold Project.
White Cliff recently revealed the first inferred and referenced estimate for Reedy South’s resource of 779,000 tons at a rate of 1. 7 grams per ton for 42,400 ounces of gold.
It is also looking to expand its land holdings around the project with the nearby Cracker Jack Gold project and an exploration license request that is set to raise the compact Reedy South residences from 156 square kilometers to 272 square kilometers.
In Midas, the company recently implemented a geochemical program involving 502 soil samples across a few priority targets.
The world-class Patterson County, in the remote great sandy desert, is re-emerging as a mineral exploration magnet following the recent discoveries of Havron and Wino of copper and gold owned under a joint venture between Newcrest Mining, Greatland Gold and Rio Tinto, respectively..
Gold, White Cliff Minerals, Merolia, Resource, Project, ASX: WCN
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