White Cliff Minerals (ASX:WCN) has completed a divestment of its Australian assets, selling its Reedy South Gold Project in Western Australia.
The Reedy South Gold Project sits immediately south of Westgold Resources’ (ASX:WGX) Triton/South Emu Mine in the Cue Goldfields area of Western Australia. The project hosts an inferred resource of 779,000 tonnes @ 1.7 grams per tonne gold for 42,400 ounces of gold.
Under the binding tenement sale agreement with privately held Bain Global Resources, White Cliff will receive a total of $1.2 million cash, subject to receiving Foreign Investment Review Board (FIRB) approval and ministerial consent.
The cash consideration will be paid in three tranches, with the first $200,000 cash expected to be received within five business days of Bain receiving FIRB approval.
During the period from the execution date until completion, Bain is expected to pay all fees, rents, rates and other sums levied or assessed on or in connection with the tenements.
White Cliff plans to put all of its focus into its Canadian assets, Great Bear Lake and Rae, where drilling is well underway.
The Rae Copper-Gold Project contains numerous copper mineralisation occurrences and hosts all first-order controls for a sediment-hosted copper deposit. The project contains a historical resource of 4.16 million tonnes @ 2.96% copper.
Meanwhile, the Great Bear Lake Project is identified as having a high probability for hosting iron-oxide copper-gold uranium plus silver-style mineralisation. Some of the results from a maiden exploration program returned 42.6% copper and 38.2g/t gold.
Write to Aaliyah Rogan at Mining.com.au
Images: White Cliff Minerals
