PERTH (miningweekly.com) – ASX-listed junior Golden Cross Resources has divested of its Cargo gold project, in New South Wales.
Golden Cross on Tuesday said that the company had accepted an offer from Agricultural Equity Investments of A$500 000 in cash, in staged payments related to various stages in the approvals process for the transfer of the project tenement.
An initial deposit payment of A$150 000 has been received, and Golden Cross is hoping to complete the transaction in early 2017.
The proceeds from the sale will be used to fund ongoing exploration work at the company’s remaining exploration assets.
The Cargo project is some 12 km from the Cadia Valley gold/copper mine, and hosts a near-surface gold resource estimate of four-million tonnes, at 1.19 g/t gold for 154 000 oz of gold.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
