PERTH (miningweekly.com) – ASX-listed junior Longford Resources has moved to acquire two cobalt/copper projects, in the US.
The company on Thursday announced that it would acquire US-based Liaz, which holds the Colsons copper/cobalt project in Idaho, and the Goodsprings copper/cobalt project in Nevada.
Under the terms of the agreement, Longford would pay Liaz an initial A$50 000 for a 30-day exclusivity period, during which time it would complete a due diligence.
To acquire Liaz, Longford would issue 80-million of its own shares.
On completion of the acquisition, Liaz directors Mike Haynes and Richard Hill would assume the roles of MD and nonexecutive chairperson of Longford respectively, while Longford’s current interim CEO Scott Mison would assume the role of nonexecutive director.
The Colson project comprises 46 federal mining claims, covering some 920 acres, that surround an additional ten federal mining claims, which Longford would have the right to acquire by making staged payments to the underlying claim owner.
The Goodsprings project consists of 186 federal mining claims covering 3 500 acres encompassing several historic copper/cobalt deposits. The project includes the historic Rose mine, where rock assays of up to 10% cobalt oxide have been reported.
Edited by: Creamer Media Reporter
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