Minerals 260 (ASX:MI6) has signed an option agreement to buy Belararox’s (ASX:BRX) Coolgardie region tenements in Western Australia.
The 26 tenements, covering 50km2, are largely contiguous to Mineral 260’s Bullabulling Gold Project and will support the company’s regional exploration strategy as well as accelerated development.
Under the two-year option agreement, Minerals 260 will pay $150,000 cash upon executing the deal, as well as $600,000 in cash or shares within two years.
Any shares will be issued at a price equal to the 10-day volume weighted average price (VWAP) up to but excluding the date of payment.
Minerals 260, which has a market capitalisation of $279.58 million, says the two-year option period will allow the company to assess additional regional targets, alongside numerous highly prospective targets already uncovered at the Bullabulling Project.
Managing Director Luke McFadyen says the deal will expand Bullabulling’s footprint to 570km2.
“Since acquiring the Bullabulling Gold Project, Minerals 260 has moved rapidly to apply for and now option additional highly prospective ground in the region,” McFadyen says.
Meanwhile, Belararox is progressing towards its goal of discovering and developing copper deposits by reducing holding costs in Australia and allocating resources to the TMT Copper Project in Argentina and the Kalahari Copper Belt Project in Botswana.
Assay results for recent maiden drilling conducted at TMT remain pending and are expected to be released in the coming weeks.
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.
Minerals 260 is focused on becoming a mid-tier gold mining company through advancing the Bullabulling Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Minerals 260
