What's Happening?
Yandal Resources has entered into a binding agreement with Horizon Minerals to sell its Gordons gold project located in Western Australia's Goldfields. The transaction is valued at $2.81 million, with Horizon paying a $200,000 refundable deposit, $1 million in cash upon completion, and $1.61 million in Horizon shares, which can be substituted for cash. The completion of the sale is anticipated in the September quarter, contingent upon regulatory and third-party approvals. The Gordons project includes 34 mining, prospecting, and exploration licenses over 77 square kilometers, featuring the Gordons Dam deposit with a mineral resource estimate of 365,000 tonnes grading 1.7 grams per tonne gold for 20,000 ounces.
AD
Why It's Important?
This acquisition is significant for Horizon Minerals as it aligns with their regional consolidation strategy near the Black Swan processing facility, which they plan to refurbish into a 1.5-million-tonne-per-annum gold processing plant. The addition of the Gordons project enhances Horizon's resource base and exploration potential, providing strategic advantages in the WA Goldfields. For Yandal Resources, the sale offers crucial funding to support their exploration activities, particularly at the Caladan target area, where promising mineralization trends have been identified.
What's Next?
Horizon Minerals will focus on integrating the Gordons project into their existing operations and exploring further resource growth opportunities in the area. Yandal Resources will utilize the funds from the sale to advance their exploration schedule, with ongoing assessments at the Caladan target area expected to yield further insights into mineralization trends.
