- Write by:
-
Monday, May 24, 2021 - 12:23:05
-
576 Visit
-
Print
Mining News Pro - Peak Minerals has signed an agreement to acquire privately listed explorer CU2 WA for $7.5 million to expand its copper foothold.
The acquisition would give Peak control over 31 pending and granted base and precious metal tenements, and control over a previously unidentified copper province in the Meekatharra region in Western Australia.
CU2’s tenements are near Peak’s Copper Hills project which would give the explorer further control over the region.
Peak managing director Wayne Loxton said the acquisition will present a promising opportunity for the company.
“We are excited about the opportunity the acquisition of CU2 presents, and further consolidating our existing tenure in what we view as an exciting new and developing copper province,” he said.
“Development of exploration field programs are at an advanced stage and we plan to be on the ground in the coming weeks.”
Peak has entered a binding agreement to acquire CU2 with the deal subject to shareholder approvals.
The company will purchase CU2 for 100 million shares at 2.5 and 100 million options with a five-cent strike price, which expires at the end of 2023.
The buyout is equal to $7.5 million.
“Through the acquisition of CU2, Peak Minerals would control a significant ground position in the Meekatharra region over potentially a new under-explored copper province,” Loxton said.
“Recent drilling at the company’s Copper Hills project has validated the geological model of a magmatic intrusive system and clearly demonstrated high-grade copper sulphide mineralisation exists within the system.
“Limited previous exploration for copper mineralisation has been completed over the CU2 tenements and the company is excited about the prospectivity of the region.”
Short Link:
https://www.miningnews.ir/En/News/614548
Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into ...
Several people have been killed in Liberia in an accident at an abandoned gold mine, the West African country’s mines ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Iron ore futures edged higher on Monday, supported by hopes of further recovery in demand in top consumer China and ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
The Democratic Republic of the Congo overtook Peru as the world’s second largest copper producer in 2023, though it ...
No comments have been posted yet ...