Leviathan Metals (TSX-V:LVX) has completed the sale of its Timor Gold Project, located in Victoria, to Au Gold (TSX:AUGC).
Earlier this year, both companies entered into a property sale agreement for Timor – which covers 116.45km2 in Central Victoria, with 25km of high-grade historic mine workings.
The company has received C$75,000 ($77,340) and 5 million common shares from Au Gold.
As part of the deal, a contingent consideration of C$3 per ounce of JORC-compliant resources will be payable in cash no later than 90 days following disclosing a technical report for the project.
Leviathan Metals is a Canadian exploration company unlocking copper, uranium, and polymetallic deposits across global mining jurisdictions.
Au Gold is a Victorian gold explorer focused on advancing its Havelock gold-antimony project and the Ponderosa Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Leviathan Metals
