Ramelius Resources is set to sell its Ularring copper-gold project in Western Australia to Constellation Resources.
Ularring is currently owned by Ramelius’ wholly-owned subsidiary Breaker Resources. Ramelius inherited the project when it acquired Breaker.
The deal includes $200,000 payable in fully paid shares, and a conditional buyback right for Ramelius.
Ularring contains historical copper-gold drill results, with geology indicating a prospective intrusion-related copper-gold system. There has also been a well-developed copper-gold horizon identified at the nearby Centre Forest prospect, something Constellation is excited to explore more.
“[The sale is an] exciting opportunity to not only explore for higher grade (copper-gold) zones at Centre Forest but also regionally along the targeted shear corridor (24km of strike), where minimal exploration has been undertaken to date,” the company said.
“Historical copper-gold drill results and geology indicates a highly prospective intrusion related system for Ularring, a system style that can generate large scale deposits.”
The acquisition has seen Constellation also inherit historical exploration data relating to Ularring, including drillhole and geochemistry databases, geophysical information from electromagnetic, aeromagnetic and induced polarisation surveys, various geological GIS layers and optical petrology reports.
Nearly all historic exploration has been focused on the Centre Forest prospect, with little sustained exploration undertaken in the greater portfolio.
Ularring is situated 100km northeast of Perth, within the Archaen Yilgarn Craton, bordering the Southwest and Youanmi Terranes.
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