Minerals 260 acquires Bullabulling gold project
Junior resources company Minerals 260 on Tuesday announced the acquisition of the Bullabulling gold project from Norton Gold Fields, a subsidiary of Chinese group Zijin Mining.
Bullabulling is one of Australia’s biggest undeveloped gold deposits, located about 25 km south-west of Coolgardie in the Western Australian Goldfields.
Underpinned by a 2.3-million-ounce mineral resource and demonstrating reasonable prospects for eventual economic extraction, the project is technically robust with well-understood metallurgy from significant historical testing, drilling and historical studies.
“This is an outstanding and transformational acquisition for Minerals 260 and our shareholders,” commented MD Luke McFadyen.
He said Norton had done a good job of advancing Bullabulling over the past decade, providing Minerals 260 with an opportunity to continue its development into production.
“We are optimistic about the outlook for the project, with last gold production at Bullabulling occurring when the gold price was around A$500/oz,” said McFadyen.
Significant metallurgical testing previously completed supports recoveries of 87% across the project and meaningful historical production in the 1990s of 3.9-million tonnes of ore recovering 179 000 oz of gold.
Minerals 260 plans to start an 80 000 m RC and DD campaign immediately after completion of the proposed transaction and will work with Norton Gold Fields in the period to completion to lodge the permits required.
The total consideration for the transaction is A$166.5-million, comprising A$156.5-million cash and A$10-million in Minerals 260 scrip to be issued to Norton Gold Fields.
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