Bastion to acquire WA gold project
Exploration company Bastion Minerals said on Tuesday it had agreed to acquire Muskwood, the owner of the Ninnis gold project in Western Australia’s Northern Goldfields, as part of its strategy to expand its early-stage gold exploration portfolio.
Under the share sale and purchase agreement, Bastion would buy Muskwood from director Raymond Muskett and Kevin Woodthorpe, an unrelated party, for A$125 000 worth of shares issued at A$0.0014 each and a 1.5% net smelter royalty on gold extracted from the project area.
The issue of shares to Muskett or his nominee is subject to shareholder approval and completion of a capital raising, Bastion said. The transaction also depends on due diligence and the execution of a royalty deed.
The Ninnis project (E39/2110) covers 25 km2 about 70 km west of Laverton and 6 km north of Genesis Minerals’ Mount Morgans gold centre. The area lies within a well-known gold province that also hosts the Granny Smith, Sunrise Dam and Lady Julie deposits.
Limited historical exploration has been conducted at Ninnis, but past soil sampling identified anomalous gold values along the Ninnis shear zone, suggesting similarities to the geology at Mount Morgans.
Bastion said it planned to begin soil and rock chip sampling after completion of the acquisition to define potential drill targets.
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