NickelX acquires Penny South gold project
ASX-listed NickelX has signed a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South gold project.
The project is located just 550 m south of Ramelius Resources’ Penny West/North gold mine in Western Australia, which boasts an estimated 440 000 t of ore at 22 g/t gold.
“The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio,” commented MD Peter Woods.
He highlighted the potential of the Penny South project, noting the minimal deeper and diamond drilling conducted on the site to date. “It is the company’s view there may be substantial value to be unlocked at depth, and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Under the terms of the acquisition, NickelX will pay A$60 000 in cash and issue three-million shares at a deemed price of A$0.02 to secure full ownership of the project. Additionally, a deferred cash consideration of A$500 000 will be paid upon the definition of a resource of at least 50 000 oz of gold with a grade of 1 g/t or more, as defined in the Joint Ore Reserves Committee Code. NickelX has also agreed to pay a further A$500 000 for every additional 50 000 oz of gold resource meeting the same grade criteria within five years following the acquisition’s completion.
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