Capricorn expands Karlawinda with Deadman Flat buy
Gold company Capricorn Metals has announced it will acquire the prospective Deadman Flat project tenements of Peregrine Gold, covering 270 km2 contiguous to its Karlawinda gold project in Pilbara.
The acquisition consolidates the company’s holding of Pilbara Craton greenstones in proximity to the Pilbara-Yilgarn Craton margin.
“The acquisition of the Deadman Flat project expands the Karlawinda gold project exploration footprint and completes the consolidation of the highly prospective southern margin of the Sylvania Inlier, including tenements directly along the strike of thecompany's Central Zone prospect. This provides Capricorn with an outstanding exploration opportunity with a view to finding meaningful additional ore sources for the Karlawinda operation,” said executive chairperson Mark Clark.
The transaction consideration is A$1.5-million, which Capricorn will settle through the issue to Peregrine of fully paid ordinary Capricorn shares upon completion.
A further consideration includes the grant of a 1% net smelter royalty on the sale of all precious minerals and a 1.5% net smelter royalty in respect of the sale of non-precious minerals extracted from the Deadman Flat project area.
In addition, the company has agreed to make contingent deferred payments of A$1.5-million.
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