Belararox (ASX:BRX) reports that it has agreed with the vendors of takeover target Toro-Malambo-Tambo (TMT) Project in Argentina to extend the end date for the acquisition to 31 March 2023.
The company reports that while due diligence in respect of the acquisition is well-advanced, the extension is to enable confirmation of the good standing of the tenements.
A site visit was completed by Belararox last month together with the finalisation of technical, financial and corporate due diligence. Legal due diligence is still subject to independent confirmation of the good standing of the tenements to be acquired.
Preparation of a binding agreement reflecting the terms of the non-binding term sheet together with key transaction documents including royalty and management agreements is well underway.
Preparation of a binding agreement reflecting the terms of the non-binding term sheet together with key transaction documents including royalty and management agreements is well underway
As reported by Mining.com.au yesterday, Belararox has also expanded its total landholding by 300% in conjunction with a recently started drilling program within the prospective Lachlan Fold Belt in New South Wales.
The company has been granted tenements ELA6287 and ELA6176, which increase its total land holding within the Lachlan Fold Belt to about 600km-square. Belararox notes it has also started a phase two 3,600m diamond drilling (DD) program at its Belara and Native Bee Volcanogenic Massive Sulphide (VMS) deposit in central NSW.
Drilling is being undertaken at the project in order to build upon the recently announced inferred resources, as well as determine the potential of the Belara and Native Bee project to host commercial quantities of mineralisation.
Belararox is a mineral explorer focused on securing and developing resources to meet the surge in demand from the technology, battery and renewable energy markets. Our projects currently include the potential for zinc, copper, gold, silver, nickel and lead resources.
Belara is the company’s primary project and is located in New South Wales some 50km south-east of Dubbo in the East Lachlan Orogen. The main target in the project area is highly prospective for zinc, copper, lead, silver and gold and is located on the prospective trend for known VAMS mineralisation that was mined at the Belara and Native Bee underground mines in the 1800s and has been explored from the 1960s until the present day.
Its second project, Bullabulling , is located near the 3Moz Bullabulling gold mine near Coolgardie in Western Australia and is 100% owned and is prospective for lithium, gold and nickel exploration.
Write to Adam Orlando at Mining.com.au
Images: Belararox Ltd
