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Exploration|Gold|Mining|Projects|Resources|Underground
Exploration|Gold|Mining|Projects|Resources|Underground
exploration|gold|mining|projects|resources|underground

Spartan sells noncore gold projects to Benz Mining

4th November 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Gold company Spartan Resources has reached an agreement to sell two noncore gold projects in Western Australia to fellow ASX-listed Benz Mining for A$15.6-million in cash and scrip.

“The Glenburgh and Egerton projects have undoubtedly suffered from a lack of attention within the Spartan Group in recent years as a result of the incredible success we have enjoyed at Dalgaranga,” said Spartan interim executive chairperson Simon Lawson.

He said Benz was a well-funded and -backed explorer that could provide a reinvigorated life to the assets.

“With a combined mineral resource estimate of 537 000 oz at 1.0 g/t gold, Glenburgh and Egerton are exciting growth assets with demonstrated potential for high-grade underground ounces – which is expected to be the focus of Benz’s exploration campaign,” said Lawson.

The consideration comprises A$1-million in cash and A$8.6-million of Benz CHESS depository instruments, as well as up to an additional A$6-million in contingent payments.

The transaction will be completed in December.

Edited by Creamer Media Reporter

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