MELBOURNE: Dart Mining NL announced Friday it has entered into a binding agreement to acquire seven exploration license applications covering approximately 4,717 square kilometers in the mineral-rich Pine Creek region of the Northern Territory.
The deal with Core Uranium Limited gives Dart Mining exposure to gold, copper, tungsten, tin and uranium across a package of tenement applications. Total consideration is A$150,000, including a A$3,000 cash deposit already paid, a statement said.
“The acquisition of this large tenement package in a highly mineralised region, at an attractive price, gives the company exposure to gold, copper, tin and tungsten prospectivity,” said James Chirnside, Dart Mining’s chairman. He added that subject to regulatory changes, the deal also provides “a strong position in a region well known for world class uranium deposits.”
The Pine Creek Orogen is highly mineralised with more than 1,000 known occurrences, containing over 20% of the world’s low-cost uranium resources and a gold endowment exceeding 12 million ounces, according to company statements.
The tenements include historic tin and tungsten mines in the Yeuralba mineral field and gold-copper mineralisation in the Eva Valley area. Uranium occurrences are scattered across the package, coinciding with favourable locations for large-scale unconformity-related uranium deposits.
Completion of the acquisition is subject to technical due diligence, execution of formal transaction documents and ministerial approval for the transfer of the tenement applications.
Separately, Dart Mining said it has received firm commitments from professional and sophisticated investors to raise approximately A$1.31 million before costs through the issue of 52.4 million new fully paid ordinary shares at A$0.025 per share.
The company plans to use the funds to advance drilling at its flagship Triumph Gold Project, pay cash consideration for the Northern Territory acquisition, conduct metallurgical testing and resource calculations at its Coonambula Antimony-Gold joint venture, and for working capital.
