Auric Mining (ASX:AWJ) has completed the acquisition of WIN Metals’ (ASX:WIN) nickel, lithium, and other associated metal rights within the Munda Gold Project in Western Australia.
As part of the transaction, the company also acquired all mineral interests in five tenements at Spargoville and two tenement applications at Higginsville.
To date, Auric Mining, which has a market capitalisation of $44.56 million, has paid $700,000 to WIN Metals. The company intends to pay the remaining $500,000 over the next eight months.
Auric now has the sole mining rights at Munda for the next eight years in a specified area, and ongoing mining rights beyond that date.
The company owns all minerals to a depth of 235m RL, or 150m in depth, within the rights area. Auric also has access to in-pit water for mining operations.
WIN Metals CEO Steve Norregaard says “this is a good logical deal for both parties.”
“Auric get a clean run to exploit their gold resources without the complication of dealing with a third party, and WIN secured some funding without relinquishing the lion’s shares of the Munda nickel resource… a WIN WIN.”
Auric Mining is a Western Australian-based gold explorer and developer focused on establishing a gold mining enterprise of significant scale.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
