Meteoric Resources NL (ASX: MEI) has entered into a legally binding Term Sheet for the sale of the Juruena Gold Project in Brazil for up to US$22,000,000.
We are pleased to announce the sale of our Juruena Gold Project in Brazil for up to US$22,000,000. I am very proud of the work we have completed in firstly identifying then securing Juruena followed by our successful exploration of the Project over the past three years,” Managing Director, Andrew Tunks, said.
“During this time the team has produced some truly amazing drilling results ultimately resulting in a substantial Mineral Resource of 1.9Mt at 6.3 g/t Au for 387 Koz.
“We consider this the ideal moment at which the pass Juruena to a group far better placed than ourselves to now develop the Project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit.
“The sale price of up to US$22,000,000 means Meteoric is fully funded to accelerate its exploration programs at the Palm Springs Gold Project in WA, whilst having a substantial cash balance to actively seek complimentary investments and acquisitions.
“Having delivered this result for shareholders, I feel this is the right time for me to step down from the position of Managing Director into a Non-Executive Director role. I personally would like to thank shareholders and the Board for the opportunity to lead Meteoric since 2018.”