Venari Minerals (ASX:VMS) has completed the sale of its Georgina Basin Iron Oxide Copper-Gold (IOCG) Project in the Northern Territory.
The company finalised the binding heads of agreement for the sale of its wholly owned subsidiary Knox Resources, which owns the project, after satisfying all due diligence conditions.
The transaction required Venari to issue 500,000 shares to Greenvale Energy (ASX:GRV) as part of a call option agreement relating to the January 2024 acquisition of Greenvale’s remaining shareholding in Knox Resources.
Mining.com.au notes the company has not disclosed the sale consideration.
Venari says the sale aligns with the board’s strategy to simplify its asset portfolio and focus resources on its flagship Red Mountain Lithium and Strategic Minerals Project in Nevada, US.
Proceeds will advance Red Mountain and provide working capital.
Located within the Clayton Valley in Nevada’s Big Smoky and Monte Cristo basins, the Red Mountain Project is a claystone-hosted site with reported lithium mineralisation along an 8km strike.
Venari Minerals is an explorer focused on critical and precious metals, with its flagship Red Mountain asset in Nevada.
Write to Paula Fabe at Mining.com.au
Images: Venari Minerals
