Resolution Minerals (ASX:RML) has sold its Wollogorang Copper-Cobalt Project in the Northern Territory to NT Minerals (ASX:NTM) in a $250,000 deal.
Resolution, which has a $6.28 million market capitalisation, says NT Minerals is now the sole owner of the 7 Wollogorang Project tenements after buying holding company Mangrove Resources.
The Wollogorang project covers over 3,800km-square in the northeast of the Northern Territory within the McArthur Basin, which hosts the ‘world-class’ McArthur River lead-zinc mine.
Resolution reports as part of the sale, it received a cash payment of $50,000 and $200,000 worth of shares, equivalent to just over 22.199 million shares, in NT Minerals.
Resolution Minerals Managing Director Chris McFadden says the company will now apply its focus to other projects in the area.
“We are pleased to complete the sale of the Wollogorang Project and wish NT Minerals all the best with their acquisition.
“This sale will allow us to focus more of our energy on our other projects in the area, including the Benmara Battery Metals Project…”
This sale will allow us to focus more of our energy on our other projects in the area, including the Benmara Battery Metals Project, where we are now waiting on assays from a 2,000m drilling program, as well as the Carrara Range Manganese Project, where we have recently identified high-grade rock chips.”
Resolution Minerals is a mineral explorer engaged in the acquisition, exploration, and development of precious and battery metals.
NT Minerals is a copper and gold explorer that also owns the adjacent 13,184km-square Redbank Copper Project, which holds a mineral resource of 8.4 million tonnes (Mt) @ 1.1% copper (Cu).
Resolution Minerals had $1.309 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Resolution Minerals
