Gold explorer Ora Banda Mining (ASX:OBM) has completed the sale of 4 non-core tenements within its Lady Ida Project near Kalgoorlie to Beacon Minerals (ASX:BCN) for $2.5 million.
The company reports the Western Australian exploration tenements E16/475, E16/483, E16/484, and E16/486 were sold through Ora Banda’s subsidiaries, Siberia Mining Corporation and Carnegie Gold.
With the transaction completed, Ora Banda says it has received the full consideration of $2.5 million from Beacon and will retain the exclusive rights to explore for and mine all mineral resources other than gold and silver on the sale tenements.
With the transaction completed, Ora Banda says it has received the full consideration of $2.5 million
Under the purchase deal, Beacon entered into a tenement sale agreement with unlisted companies Lamerton and Geoda to acquire 7 tenements and 2 tenement applications that, combined with Ora Banda’s 4 non-core tenements, represent the entire Lady Ida Project. Beacon will acquire the project for a total cash consideration of $10 million.
Beacon says these acquisitions are part of its strategy to increase the mine life of the Jaurdi Gold Project through the acquisition of projects proximal to its existing assets that build ore reserves and complement the current operations.
Additionally, Beacon recently acquired the Geko Tenements and the MacPhersons Reward Project, which lie about 15km and 45km away from the Jaurdi Mill, respectively.
As Lamerton is controlled by Beacon’s Managing Director, Graham McGarry, and Geoda is controlled by Beacon Non-Executive Director Geoff Greenhill, the acquisition is subject to related party shareholder approvals being obtained by Beacon.
Ora Banda Mining is an ASX-listed gold explorer and developer focused on its Davyhurst Gold Project in the Eastern Goldfields region of Western Australia. The project lies 120km northwest of Kalgoorlie and hosts a 1.2-million-tonne-per-annum processing hub.
Along with Davyhurst, the company also holds the Riverina-Mulline, Siberia, Callion, and Walhalla projects in the region.
Beacon Minerals is an ASX-listed gold miner and explorer focused on its Jaurdi Gold Project in the Eastern Goldfields, which includes a processing plant that was commissioned in 2019. The company also holds the MacPhersons Reward Project in Coolgardie.
Write to Harry Mulholland at Mining.com.au
Images: Ora Banda Mining Ltd