Zeus Resources’ (ASX:ZEU) share price has jumped by 25% today (26 August) on the Australian Securities Exchange (ASX).
The company’s shares are now trading at $0.005 each, with a market capitalisation of $4.13 million.
Zeus is an Australian explorer committed to identifying and developing ‘quality’ mineral assets, and listed on the ASX in January 2013.
Currently, the company’s project portfolio includes the Casablanca Antimony Project in Morocco, as well as the Kalabity and Mortimer Hills projects in South Australia and Western Australia, respectively.
However, last month Zeus entered into a definitive share sale agreement to acquire the Diaguili Copper-Gold Project in southern Mauritania for US$2 million ($2.78 million), expanding the company’s exploration portfolio.
Through the agreement, Zeus will be able to acquire Sab Metals Mauritania through payments made across four tranches. The total consideration comprises US$1 million in cash and US$1 million in Zeus shares, payable over 24 months.
First completion will give Zeus a 51% interest for US$750,000, including a US$50,000 exclusivity fee paid in June. Subsequent tranches will increase its interest to 70%, 90%, and ultimately 100%.
On the ASX, the broader materials sector is also on the rise, up 0.59% today. The materials sector is one of three sectors trading higher this session.
The S&P/ASX 200 itself is lower, dropping 17.6 points to 9,149.70.
Write to Maddison Elliott at Mining.com.au
Images: Unsplash
