Iltani Resources (ASX:ILT) has entered a tenement sale agreement with G11 Resources with regards to two of its non-core Tasmanian tenements EL6/2024 and EL33/2022, with the latter comprising the Mount Read Volcanics Project.
G11 Resources will pay a total consideration of $150,000 in cash to acquire these exploration licences.
Managing Director Donald Garner says the company is pleased to have G11 take over these assets in Tasmania.
“The cash generated from the sale will be re-invested in our business development activities,” Garner says.
“We are targeting precious and base metal assets which will grow our portfolio, creating material shareholder value and are complementary to our existing assets in northern Queensland.”
Iltani is focused on advancing its Orient Project, located in North Queensland, currently undergoing the Orient Project Mining Option Study, working on the permitting and approval process.
The company received an $8 million grant from the Queensland Investment Corporation’s Queensland Critical Minerals and Battery Technology Fund to accelerate work at the project, as reported by Mining.com.au.
Iltani Resources is a critical minerals explorer and developer focused on building an Australia-based portfolio of projects.
Write to Maddison Elliott at Mining.com.au
Images: Iltani Resources
