SYDNEY, AUSTRALIA: Lithium, gold and base metals exploration company Golden State Mining Limited (GSM) has entered into a binding agreement with Victory Metals Limited (VTM) for the sale of a 100% interest in tenements P20/2345 and P20/2346 at Cue, located in the Murchison region of Western Australia.
Golden State’s Managing Director, Michael Moore commented: “The consideration mix of this transaction provides GSM with exposure to exploration success by Victory as it progresses its Cue ionic clay REE discovery. This transaction allows GSM to continue to focus on its lithium exploration activities at its 100% owned Yule project in the Mallina Basin as well as the 100% owned Paynes Find lithium project where recent results delivered a number of high priority lithium targets to follow up in 2023.”
Golden State Mining has executed a binding term sheet with Victory Metals for the sale of a 100% interest in tenements P20/2345 and P20/2346 at Cue, located in close proximity to VTM’s Cue ionic clay REE discovery, where the system has demonstrated high ratios of heavy rare earth oxides and critical magnet metals NdPr + DyTb.
Victory Metals agrees to issue Golden State 150,000 fully paid ordinary shares in the capital of Victory; GSM to receive a 1.0% net smelter return royalty on tenements P20/2345 and P20/2346, and GSM to be granted 66,666 options in Victory with an exercise price of $0.30 per option and expiring 2 years from the date of grant.
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