Infinity shareholders approve Cangai project acquisition
The shareholders of Infinity Mining have approved the acquisition of the Cangai copper project in New South Wales, paving the way for the company to acquire the asset from Castillo Copper.
The Castillo project comprises exploration tenements EL8625, EL8635, and EL8601 in the north-western corner of New South Wales.
The project hosts the historic Cangai copper mine which between 1904 and 1917 produced about 5 000 t of copper with grades up to 7% to 10% along with notable quantities of gold and silver.
“The acquisition of the Cangai copper project complements and expands our existing portfolio and presents exciting growth opportunities in the copper sector. We are eager to commence exploration and development work at the Cangai site,” said Infinity executive chairperson Joe Phillips.
Under the terms of the acquisition, Infinity will issue 40-million shares and 20-million new options to Castillo as consideration for the acquisition. In addition, 30-million shares and 15-million new options will be issued to the royalty holders for the assignment of the Cangai royalties to Infinity.
Meanwhile, Castillo chairperson Ged Hall welcomed the Infinity shareholder approval, stating that the transaction coincided with Castillo shortly changing its name to New Frontier Minerals and rechannelling efforts into developing the Harts Range uranium, niobium and rare earths element project in Northern Territory.
“The board’s strategy to hold noncore assets until the right development partner materialises, has the potential to unlock significant value that can be redeployed to advance the core Harts Range project,” said Hall.
Castillo is continuing to look for a strategic partner to progress the NWQ copper project north of Mount Isa in Queensland.
It also still holds on to two noncore assets – Broken Hill East in New South Wales and Mkushi in Zambia – until they are sold.
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