Great Northern Minerals slows Big Rush Gold Project sale with extension of completion date

Great Northern Minerals (ASX:GNM) has agreed to extend the completion date of the sale of its Big Rush Gold Project.

Further to its announcement on 25 October 2022, Great Northern Minerals reported that it had executed a variation to the terms sheet between privately held entities Great Eastern Gold (GEG), Alphadale, and Northern Exploration to acquire 100% of the issued share capital of Alphadale and 100% legal and beneficial interest in EPM 27283.

Under the terms of the variation the parties have agreed to extend the completion date for an additional 4 weeks and incorporate a $10,000 non-refundable extension fee, which is to be paid by GEG within 5 business days.

Under the terms of the variation the parties have agreed to extend the completion date for an additional 4 weeks

Total consideration payable for the acquisition is $250,000 in cash, as reported.

Completion of the transaction is subject to GEG completing reasonable legal and technical due diligence on the Big Rush Gold Project.

In October, Great Northern reported the key terms of the agreement included:

  • Great Northern has agreed to sell a 100% of the issued share capital of Alphadale (which owns ML 10168, 10175 and 10192) and a 100% legal and beneficial interest in EPM 27283;
  • Total consideration payable is $250,000 (in cash) of which $25,000 is a non-refundable exclusivity fee and the balance, being $225,000, is payable on completion;
  • Completion of the transaction is subject to GEG completing reasonable legal and technical due diligence on the Big Rush Gold Project; and,
  • GEG has been granted sixty (60) days to complete legal and technical due diligence.

As previously reported on 30 September 2022, this divestment is part of the company’s strategy of obtaining value from its non-core exploration assets, while maintaining a strong focus on the near-term exploration and development growth of the Camel Creek Project, including the Douglas Creek IRGS and the Golden Cup Project.

Great Northern Minerals is an ASX-listed gold focused explorer and developer. The company’s Golden Ant Project is located in Far North Queensland and includes the Amanda Bell and Big Rush Goldfields.

Total gold production from the Amanda Bell Goldfield was about 95,000oz Au (57,000oz from Camel Creek and 14,000oz from Camel Creek satellite deposits plus 18,000oz from Golden Cup and 6,000 oz from Golden Cup satellite deposits).

Total gold production from the Big Rush Goldfield was 60,000oz Au.

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.