Forrestania Resources acquires Aurumin Mt Palmer, Johnson Range, and Mt Dimer subsidiaries from Newcam Minerals to take full ownership of Mt Palmer gold project in WA. Deal executed through issuance of nearly 37.9 million shares at A$0.475 per share, totaling A$18m.

Mt Palmer, 15km east of Marvel Loch, historically mined using open-pit and underground methods, producing 158,000oz of gold at an average grade of 15.9 g/t. Aurumin Mt Palmer holds 20% interest in mining lease and three exploration licenses near Forrestania’s Southern Cross Hub.

Forrestania to issue nearly 13 million shares to acquire Aurumin Johnson Range and Aurumin Mt Dimer. Mt Dimer Hub located within Marda-Diemals Greenstone Belt of Southern Cross Domain in Yilgarn Craton, including Mt Dimer, Johnson Range, and Mt Jackson project areas.

Agreements include milestone payments linked to future mineral resource estimates. Transaction involves tenements such as mining lease M77/406 and exploration licenses in Southern Cross Hub, and various tenements in Mt Dimer Hub. Acquisitions finalized upon full payment using issued shares.

Forrestania technical director Brett Hodgins highlights benefits of acquiring remaining interest in Mt Palmer project, expediting project development and moving towards gold production from Lake Johnston processing facility. Transaction structure aligns consideration with exploration and acquisition success while preserving capital for advancing production ambitions.

Last month, Forrestania initiated diamond drilling program at Forrestania Hub in WA, targeting Lady Lila Project. “Forrestania Resources to take full ownership of Mt Palmer gold project” was originally published by Mining Technology.

Read more at Yahoo Finance: Forrestania Resources to take full ownership of Mt Palmer gold project