PERTH, AUSTRALIA: Magmatic Resources Limited has entered into agreements to acquire 3 Western Australian gold and copper assets to complement its existing East Laverton, WA exploration projects.[the_ad id=”31605″]The proposed acquisition is conditional upon the Company receiving shareholder approval of both the transaction and the demerger of its East Lachlan, N.S.W Exploration Projects by way of an in-specie distribution to existing Magmatic shareholders.
Magmatic has signed binding sale and purchase agreements to acquire 100% of the issued share capital of each of Kokoda Exploration Pty Ltd, Ashburton Metals Group Pty Ltd and North Iron Cap Pty Ltd for the following projects:
. The Calyerup Project is located 375 kilometres southeast of Perth and 12 kilometres east of Jerramungup, and is owned by private company Kokoda Exploration Pty Ltd.
. The Lyndon Gold and Copper Project is located inthe Ashburton Mineral field in the Gascoyne region some 360 kilometres south west of Karratha in Western Australia. The project comprises tenements E08/2913 (Lyndon) and E08/2883 (Erics Find) and is located 10 kilometres north of Lyndon Stationhomestead which has well maintained access roads and tracks
. The North IroncapProject is a gold exploration asset located south of Southern Cross within the Forrestania Greenstone Belt, approximately 400km east of Perth. The project lies between the Bounty Gold Mine and the Forrestania Nickel Mine. The project vendor, North Iron Cap Pty Ltd, holds the gold rights in respect of M77/544, a tenement held by Western Areas Nickel Pty Ltd.
The combined total consideration for the acquisition of the 3 companies in respect of the above projects is $170,000 in cash and the issue of 127,657,700 shares in Magmatic at a deemed issue price of $0.03.