White Gold (TSX-V:WGO) has scheduled a shareholders’ meeting on 11 August to seek approval of the proposed spinout of its Yukon-based critical mineral properties.
The gold explorer announced earlier this year that it plans to create a new company, W2 Critical Minerals, to advance projects that are prospective for copper, molybdenum, tungsten, antimony, zinc, and bismuth.
Under the plan, White Gold shareholders will receive one W2 share for every five White Gold shares held, giving them a combined 19.9% interest in the new company following completion of the transaction.
The portfolio represents about 15% of White Gold’s land package in the Yukon and includes several exploration targets in the Dawson Range, a belt known for copper-gold mineralisation.
W2’s most advanced asset will be the Bridget Project, which hosts a large molybdenum-copper porphyry target.
“We are very excited to be advancing the proposed W2 spinout designed to unlock the value of our prospective critical mineral projects by creating a dedicated publicly listed vehicle,” CEO David D’Onofrio says.
Following the spinout, White Gold will continue advancing its flagship White Gold Project, with a preliminary economic assessment expected later this year.
White Gold owns a portfolio of 21 properties covering 305,102 hectares, representing approximately 40% of the Yukon’s emerging White Gold District.
Write to Jackson Chen at Mining.com.au
Image: White Gold
