PERTH (miningweekly.com) – Diversified junior Battery Minerals will acquire the remaining 33% interest in the Gippsland copper/gold project, in Victoria.
The ASX-listed company earlier this month acquired an initial 67% interest in Gippsland Prospecting, which has the sole right to apply for a highly prospective exploration licence immediately adjacent to ASX-listed Stavely Minerals' Thursday’s Gossan copper/gold project, for A$335 000 and 294.3-million shares.
The Gippsland project covers 809 km2 and hosts the historic Moyston gold mine, which produced some 75 000 oz of gold at 22 g/t gold.
Battery Minerals on Monday announced that it would now pay the shareholders of Gippsland Prospecting an aggregate A$500 000 in cash and issue more than 439.3-million shares in return for full ownership of the unlisted entity, subject to shareholder approval.
Battery Minerals chairperson David Flanagan said that the agreement would increase the company’s exposure to the highly promising project, and would simplify the ownership structure.
“This makes great sense for all parties. Battery Minerals shareholders will have increased exposure to what is a highly prospective project with outstanding geological merit while the simplified ownership structure will assist with implementing an aggressive and flexible exploration programme."