PERTH (miningweekly.com) – Junior Battery Minerals has struck a deal to acquire the Spur gold project, in East Lachlan, and has proposed a name change to Waratah Minerals to reflect its growing portfolio of gold/copper assets.
The Spur project is about 14 km west from gold major Newcrest Mining’s Cadia Valley operations, in New South Wales. Battery Minerals said on Tuesday that initial exploration at the project would include diamond drill testing of extensions to known mineralisation, especially targeting the down-dip and down-plunge extensions at the Spur and Spur South prospects.
“We are delighted to announce the acquisition of the highly prospective Spur project. This deal represents a transformative opportunity for the company, providing high-quality, near-term drill targets, down-dip from open wide historic gold intercepts in the East Lachlan,” said Battery Minerals MD Peter Duerden.
Under the terms of the agreement, Battery Minerals will pay 15-million fully paid ordinary shares to the vendor, as well as 10-million options exercisable at 8c each and expiring five years from issue.
A further 30-million options, exercisable at 16c each and expiring five years from the date of issue, will also be granted.
Battery Minerals will also grant the vendor a 2.5% net smelter royalty on all minerals extracted at Spur.