Austin Metals (ASX:AYT) has received shareholder approval at a general meeting held today (15 April 2024) to acquire the Ashburton Copper Gold Project in Western Australia.
The $7.71 million market capitalisation company will now finalise the settlement along with monies raised from a previously announced placement to raise $1.5 million.
On 11 December 2023, the company entered into a binding agreement with privately held Gardner Mining to acquire the project for $200,000 cash and $2 million worth of performance rights at $0.005.
Target generation and a maiden drill program preparations are currently underway, with Austin Metals conducting a detailed mapping and geochemical sampling program at the Donnelly’s prospect.
A reconnaissance mapping and geochemical sampling program of the broader project area is also being undertaken, alongside a review of geophysics and remote sensing datasets.
The Ashburton Copper Gold Project comprises eight granted exploration tenements and one granted prospecting licence covering 510km2.
Austin Metals reports a potentially ‘large’ alteration system has been uncovered with ‘significant’ areas of outcropping hydrothermal alteration and quartz veining.
Initial results demonstrate the project is considered prospective with rock chip samples and trenching returning up to 198 grams per tonne (g/t) silver, 12.5g/t gold, and 14.7% copper.
Austin Metals is a base and precious metals-focused explorer with assets in the Cobar Basin and Lachlan Fold Belt of New South Wales.
As of 31 December 2023, the company had about $1.473 million in cash at hand, according to its latest financial report.
Write to Aaliyah Rogan at Mining.com.au
Images: Austin Metals
