Mantle Minerals (ASX:MTL) has agreed terms to sell its wholly owned subsidiary Mt Roe Mining to Northern Star Resources (ASX:NST).
Under the agreed terms, Northern Star will pay $13.5 million for five tenements located in Western Australia, near the Hemi deposit, where Mantle will continue to operate the Yule River and Pardoo projects.
Mantle has flagged its intention to advance its Yule River exploration program with geophysical targeting and drilling following completion of the sale.
Additionally, the company will begin drilling identified targets at Pardoo, before looking into resource definition drilling and mining studies at both projects after returning initial drill results.
Meanwhile, Mantle is raising another $200,000 to expedite operations until the close of the sale, with firm commitments to issue 250 million shares at a price of $0.001.
Shareholders will be eligible to receive one option with each holding, exercisable at $0.0015 up until expiration five years from issue.
Mantle Minerals is an Australian mineral explorer, focused on the development of gold and nickel projects in the Pilbara region of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Mantle Minerals
