Astro Resources (ASX:ARO) has acquired Fouracres Retention Licence R70/22, expanding its Governor Broome Minerals Sands Project in Western Australia.
The $17.87 million market capitalisation company says the licence contains an indicated resource of 0.72 million tonnes (Mt) @ 11.4% heavy minerals (HM) and an inferred resource of 0.22Mt @ 3.6% HM.
Astro reports the acquisition price is $150,000 plus a 1% royalty on future production. The acquisition will contribute ‘significantly’ to enhancing the value of the Governor Broome Project as part of the upcoming Scoping Study scheduled for release in Q1 2024.
Commenting on the acquisition, Astro Resources Executive Chairman Tony Leibowitz says: “The acquisition of the Fouracres property is a further strategic step in advancing the Governor Broome Project and crystallising value for our shareholders.
“The acquisition adds nearly 1 million tonnes of high-grade resources, which contain high-value titanium minerals and zircon”
The acquisition adds nearly 1 million tonnes of high-grade resources, which contain high-value titanium minerals and zircon.
This strategic acquisition adds significant value to the project, building critical mass and enhancing the high-grade resource base that will be included in the Scoping Study due for delivery early next year.”
The Governor Broome Project is located 135km south of the port of Bunbury in the southwest of Western Australia. The Fouracres deposit is located directly along strike to the southeast of the company’s Jack Track deposit.
Astro Resources is a diversified exploration company focused on advancing its diversified portfolio of assets including its lithium claystone projects in Nevada, US, the Georgina Basin IOCG Project in the Northern Territory, and the Governor Broome Minerals Sands Project in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Astro Resources