Forrestania completes North Iron Cap acquisition
ASX-listed Forrestania Resources said on Monday it had completed the acquisition of North Iron Cap, which holds the gold rights over tenement M77/544 and the North Ironcap deposit in Western Australia.
The advanced openpit gold project sits on a granted mining lease with an adjacent miscellaneous lease. It has a Joint Ore Resources Committee- (Jorc-) compliant inferred mineral resource of 2.41-million tonnes grading 1.37 g/t gold for 105 953 oz.
As consideration for the acquisition, Forrestania issued 42.14-million fully paid ordinary shares.
Chairperson David Geraghty said the acquisition aligned with the company’s strategy to build a profitable Western Australian gold business.
“With a granted mining lease, a Jorc-compliant resource, significant exploration upside and close proximity to established processing infrastructure, North Ironcap enhances the quality and scale of our asset base and strengthens our pathway toward production,” Geraghty said.
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