Orange Minerals NL (ASX: OMX) has signed term sheets to acquire new Western Australian exploration tenements in two project areas.
The acquisitions consist of:
- Five tenement applications (E57/1221, E57/1222, E57/1223, E59/2763 & E57/1262) comprising the Youanmi Project in the Murchison Mineral Field 600km north-east of Perth, WA.
- Greenfield exploration projects with high prospectivity for precious, battery, and base metals
- The projects are located in close proximity to the 3.2Moz Youanmi gold project and the Manindi Lithium Project.
- Three exploration tenements (P25/2597, P25/2688 & P26/4470) in the Majestic Project area approximately 50km east of Kalgoorlie.
Consideration for all tenements is $100k payable in cash and equity.
Youanmi Project Acquisition (E57/1221, E57/1222, E57/1223, E59/2763, E57/1262)
The company has acquired five Exploration licence applications from Mining Equities Pty Ltd in the highly prospective Youanmi region.
The tenement applications are located approximately 600km northeast of Perth in the Murchison Mineral Field of Western Australia. Youanmi is located within the Southern Cross Province and is characterised by generally northerly trending greenstone belts which outcrop between areas of granite and gneiss of the Yilgarn Block.
The tenements are located within close proximity to a number of gold, battery and base metal projects. These include the recent lithium discovery by Metals Australia Limited at Manindi where drilling encountered 13m @ 1.03% LiO2. This is in addition to the 3.02Moz Youanmi gold mine, a joint venture between Rox Resources Limited and Venus Metals Limited.
The geology is dominated by greenschist to lower amphibolite-facies Archean granites and greenstones, and includes large, layered intrusions in the southern part of the area. The major regional structures are NE trending and N to NW trending folds, faults and shear zones.
The consideration payable by Orange Minerals to Mining Equities for the Sale comprises of $25,000 worth of fully paid Orange Minerals NL ordinary shares at an issue price equal to the 5 day VWAP of Orange immediately prior to the date of execution and, in the event that all of the Tenements are granted, the issue of a further $25,000 worth of fully paid ordinary shares in the Buyer at an issue price equal to the five day VWAP of the Buyer’s shares on ASX immediately prior to the date the last of the Tenements is granted or the price of the Initial Consideration Share, whichever is greater.
Majestic Tenements (P25/2597, P25/2688 & P26/4470)
The company has purchased three prospecting licences from Rocky Reef Mining Pty Ltd.
The tenements purchased in the Majestic area compliment tenements already hold by Orange. The new tenements are considered to be extremely prospective for gold.
