MELBOURNE: AustChina Holdings Limited has announced a binding agreement to acquire Penwortham Exploration Pty Ltd (PEN), securing a significant portfolio of gold-antimony and base metals exploration assets in north-west Tasmania.
The agreement highlights two prominent projects: the high-grade Sulphide Creek Gold-Antimony Project and the Mersey VMS Base Metals, including copper and gold. Both projects are located in active mineral belts known for major mining operations and a history of exploration success.
Recent exploration by the Geological Survey of Tasmania reported high-grade antimony of 66.6% Sb at the Rinadeena Prospect within the Sulphide Creek Project. This discovery will be a focal point for AustChina’s modern exploration techniques.
Historic gold workings, with samples up to 14 g/t Au, also exist in both project areas and will be initial exploration targets.
Under the agreement, AustChina will pay PEN shareholders $25,000 in cash and issue 300 million fully paid shares, which will be subject to a voluntary escrow for six months.
With this acquisition, AustChina aims to advance its exploration activities and unlock the potential of these historic mining areas.