Hastings Technology Metals has completed its acquisition of Great Western Gold, to become a majority joint venture partner in the Whiteheads gold project.
The deal was first announced in May, when Hastings had planned to buy into the project directly through Great Boulder Resources, which had a 75 per cent joint venture share in Whiteheads, located 80km northeast of Kalgoorlie in Western Australia.
The finalised acquisition sees that project stake, along with additional tenements on the project site that were not subject to the joint venture, acquired by Hastings. The overall tenement package covers 12 exploration licences, one prospecting licence, and one mining lease that is not currently in production.
Hastings paid consideration of $370,000 in cash, as well as three million fully-paid ordinary shares, worth $930,000 on current trading. Deferred consideration of up to $800,000 in shares will be linked to the achievement of specific development milestones.
Hastings executive chair Charles Lew said the acquisition provided Hastings with a low-cost entry to what was an established exploration opportunity in WA’s gold mining capital.
“The advanced nature of the project allows us to immediately move forward with exploration and resource definition, leveraging extensive historical data across multiple previously identified drill targets and other untested gold anomalies at surface and close to Kalgoorlie,” he said.
“With the acquisition completed, we will commence work soon to define a JORC resource during the quarter within the deposits of Seven Leaders (initially), Lady Betty and Blue Poles to follow.”
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
