SYDNEY, AUSTRALIA: Astute Metals NL (ASX: ASE) has announced that it has agreed to buy the remaining 20% stake in the Georgina IOCG Project from Greenvale Energy (ASX: GRV), giving it complete control over the copper-gold exploration asset in the Northern Territory.
The deal is subject to shareholder approval and will see Greenvale receive 10 million Astute shares, worth $500,000, plus a 2% net smelter royalty. Greenvale will also increase its shareholding in Astute from 11.21% to 12.27%.
The Georgina Project is located in the East Tennant copper-gold province, where Astute has identified several promising targets for IOCG mineralisation. One of them is Leichhardt East, where a high-density zone of rocks lies above copper and uranium mineralisation. Astute plans to conduct further geophysical modelling and exploration drilling in the second half of 2024.
Astute Chairman, Tony Leibowitz, said that the transaction would simplify the ownership structure of the Georgina Project and provide Astute with more flexibility to pursue its exploration strategy and potential partnerships. He added that Greenvale would remain a key stakeholder in Astute and benefit from any future discoveries at the project.