- Write by:
-
Tuesday, October 20, 2020 - 12:10:54 PM
-
510 Visit
-
Print
Mining News Pro - Aeris Resources is set to offload its Yandan gold exploration project in Queensland to GBM Resources, with the sale expected to be finalised this year.
The Yandan project has produced around 350,000 ounces of gold and hosts a JORC 2004 mineral resource estimate of 8.56 million tonnes at 1.5 grams per tonne of gold for 401,000 ounces.
Aeris will receive $3 million of GBM shares and a 1.5 per cent net smelter royalty on the first 300,000 ounces of gold produced from the Yandan tenements under the agreement.
“Whilst Yandan is a non-core asset for Aeris, we have long held the view that the Drummond Basin is highly prospective for gold-rich mineral systems,” Aeris executive chairman Andre Labuschagne said.
“The prospectivity of the Drummond Basin is a view shared by GBM and the taking of an equity position in GBM enables Aeris to maintain exposure to this highly prospective region.”
GBM managing director Peter Rohner considered the proposed acquisition as an important milestone in the company’s Drummond Basin “processing halo” strategy.
“GBM now (controls) JORC (2004, 2012) compliant mineral resources in excess of 700,000 ounces of gold at the Mt Coolon and Yandan projects, predominantly on registered mining leases with established mine infrastructure,” Rohner said.
GBM is seeking shareholder approval for the proposed transaction.
Short Link:
https://www.miningnews.ir/En/News/606353
![China’s central bank paused gold purchases in May after 18 months of buying](/Incsys/Photo.aspx?image=/Uploads/News/20240615005941412.jpg&width=236&height=180)
China’s central bank paused gold purchases to its reserves in May, when spot gold prices hit a record high, after 18 ...
![Gold price falls most in two years on jobs data, China buying pause](/Incsys/Photo.aspx?image=/Uploads/News/20240615003613938.jpeg&width=236&height=180)
Gold fell the most in more than two years as surprise strength in a key US jobs report dashed hopes that the Federal ...
![Global gold ETFs saw first inflows in a year in May, says WGC](/Incsys/Photo.aspx?image=/Uploads/News/20240615001925985.jpg&width=236&height=180)
Global physically backed gold exchange traded funds (ETFs) attracted their first inflows in May after a year, powered by ...
![Opening of new mines boosts Ivory Coast 2023 gold output](/Incsys/Photo.aspx?image=/Uploads/News/20240615001311063.jpg&width=236&height=180)
Ivory Coast’s gold output hit a record high in 2023, helped by the opening of new mines, and will continue to grow ...
![Glencore said to weigh selling stake in Kazakh miner Kazzinc](/Incsys/Photo.aspx?image=/Uploads/News/20240611205715107.jpg&width=236&height=180)
Glencore Plc is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in ...
![Mali gold mining revenue fell by 26% in 2023](/Incsys/Photo.aspx?image=/Uploads/News/20240611204851913.jpg&width=236&height=180)
State revenue from gold mining companies in Mali fell 26% last year, hit by lower taxes, a document from the west ...
![Gold purchases by central banks were strong in April despite high prices](/Incsys/Photo.aspx?image=/Uploads/News/20240610020735558.jpg&width=236&height=180)
Net purchases of gold by global central banks rose to 33 metric tons in April from a revised net buying of 3 tons in ...
![Probe Gold to raise $11 million for Quebec exploration](/Incsys/Photo.aspx?image=/Uploads/News/20240606201728757.jpg&width=236&height=180)
Probe Gold is looking to raise more than C$15 million ($11 million) via a private placement led by Beacon Securities and ...
![Funds are most bullish on gold in four years as prices hit record](/Incsys/Photo.aspx?image=/Uploads/News/20240528184631198.jpeg&width=236&height=180)
Money managers became the most bullish on gold in more than four years as prices surged to a fresh record earlier this ...
No comments have been posted yet ...