M3 Mining Limited (ASX:M3M) has made applications for two exploration licences in the Edjudina area of Western Australia.
The company has been working with a party in relation to making these exploration licence applications and has also agreed to acquire a prospecting licence (P31/2131) from this party which is east of the exploration licence applications.
M3 has agreed to issue 285,714 shares and pay $15,000 in relation to these new tenements. The expanded portfolio improves the Company’s ground position at the Edjudina Gold Project.
Executive Director, Simon Eley, said the company is very pleased to have been able to secure this additional tenure, subject to grant, in a key strategic area with active exploration underway and ongoing consolidation by competitors and majors.
He said this acquisition and applications complement M3 Mining’s dual track strategy of building upon the company’s existing portfolio and assessing and evaluating additional strategic acquisition opportunities.
M3 Mining’s approach of increasing our tenure in and around our projects continues to deliver results,” Mr Eley said.
“The new tenements nearby to existing Edjudina tenements aligns with the Company’s strategy to build a package of highly prospective gold and copper exploration tenements in regions surrounded by majors.
“We look forward to progressing these projects through a rigorous low-cost exploration programme over the coming months and updating shareholders accordingly.”