OD6 Metals (ASX:OD6) has completed the acquisition of the Gulf Creek Copper Project, a volcanogenic massive sulphide (VMS) deposit located near the town of Barraba in New South Wales.
All conditions precedent have now been completed via the issue of 6 million shares and the payment of $150,000 cash.
Further, OD6 has reimbursed $48,000 for the environmental bond that was transferred into the name of privately held Gulf Creek Copper, which is a wholly owned subsidiary of OD6.
Gulf Creek was mined at around the turn of the 20th century and was once regarded as the highest grade copper mine (2% to 6.5% copper) in New South Wales until its closure due to weak copper prices in 1912.
Very little exploration has occurred at the project in over 100 years, with OD6 aiming to apply modern day exploration technologies.
Mineralisation is associated with magnetite, with geophysics showing significant greenfields and brownfields exploration potential exists with over more than 3km of untested strike in the immediate mine-stratigraphy, and over more than 10km across the tenement.
OD6 Metals is an Australian public company pursuing exploration and development opportunities within the critical minerals sector, namely rare earths and copper.
The company has also identified clay hosted rare earths at its 100% owned Splinter Rock and Grass Patch Projects which are located in the Esperance-Goldfields region of Western Australia.
Write to Adam Orlando at Mining.com.au
Images: OD6
