Cazaly Resources has completed the sale of an 80% stake in the Mt Venn gold tenements in Western Australia’s north-eastern goldfields to Woomera Mining for approximately $1.2 million cash and scrip.
The sale consists of $1 million in cash and 7 million in Woomera Mining shares and will see Cazaly retain a 20% stake in Mt Venn tenements under a joint venture with Yamarna.
The Mt Venn project consists of two granted exploration licences covering approximately 390 square kilometres over some 50 kms of strike of the Mt Venn Greenstone Belt.
Cazaly gained access to the project in January 2017 with the grant of Exploration Licence 38/3111 following the recommendation from the Department of Aboriginal Affairs to grant access permits to the licence which lies within the Cosmo Newberry Aboriginal reserve which is also subject to a Native Title claim by the Yilka people.
Yamarna signed a Native Title Agreement with the Yilka People and the Cosmo Newberry Aboriginal Corporation (CNAC) in July 2016.
The tenements are highly prospective for gold and lie close to Gold Road Resources Gruyere Gold Deposit (6.61M Ozs Au Resource) and to Great Boulder Resources Cu-Ni-Co Mt Venn Deposit.
Shares in Cazaly closed Friday at 4.6c.