JOHANNESBURG (miningweekly.com) – ASX-listed Trek Metals has acquired 100% of the Kroussou zinc/lead project, in Gabon, from fellow-listed Battery Minerals for $400 000 in cash and securities.
A deferred consideration of options and shares totalling $2.5-million, which had been agreed in a binding term-sheet, will be subject to a mineral resource of 250 000 t of zinc/lead metal estimated on the project.
Battery Minerals will retain a 2.5% net smelter royalty subject to a 1% buyback option by Trek.
“The Kroussou zinc/lead project presents a truly magnificent opportunity for Trek to grow substantially with the potential for the discovery of a very significant zinc/lead orebody in Gabon. The price of zinc is continuing to appreciate near record levels and we are poised to take full advantage at this time,” said Trek MD Bradley Drabsch.
Trek had already been in the process of earning 70% of the project.
Exploration at the asset is continuing, with drilling expected during the second quarter of the year.