PERTH: Azure Minerals Limited has entered into an exclusive and binding agreement to acquire 100% ownership of the Barton Gold Project, a single Exploration Licence Application (ELA 40/393) from local company 30 Well Pty Ltd.
Consideration for the acquisition is 1,150,000 fully paid ordinary Azure shares and A$20,000, payable upon grant of the tenement, with no additional payments or royalties.
Commenting on this acquisition, Azure’s Managing Director, Mr. Tony Rovira, said: “The Barton project is ideally situated within the Kookynie Gold District which is fast developing a reputation as a very exciting exploration and mine development area.
“This purchase adds to Azure’s growing portfolio of Western Australian projects which commenced with the recent acquisition of four gold and nickel projects from Mark Creasy and the Creasy Group.
“Building a portfolio of Western Australian projects has reduced Azure’s risk profile by diversifying across commodities and jurisdictions. This strategy has now given shareholders exposure to two of WA’s most exciting gold exploration areas – the Mallina district in the Pilbara and the reborn Kookynie district – as well as taking on Creasy’s nickel-copper discovery in the Andover layered mafic-ultramafic complex.
“Given recent exploration successes in the Kookynie district by other companies, Azure is confident that comprehensive and targeted exploration on the largely unexplored 200km2 Barton landholding has good potential for the discovery of significant gold mineralisation.“Meanwhile, we’re not neglecting our Mexican assets with target identification and drill planning finalised for the Alacrán silver-gold-copper project and drilling is expected in Q4 2020.”