Terrain Minerals will pocket a cool $300,000 to fund its multi-mineral exploration focus after selling off its 100 per cent-owned Wildviper gold project in Western Australia’s Goldfields region to next door neighbour Northern Star.
The company has entered into a binding sale and purchase agreement with the major miner, which has an enormous $17.35 billion market cap, to divest the project’s exploration license that sits close to Northern Star’s Bundarra gold deposit.
Terrain Minerals has signed a deal to sell its Wildviper project to major miner Northern Star.
Wildviper is 70km north of Leonora in WA’s fertile Eastern Goldfields and takes in more than 25 square kilometres of the historic Weebo goldfield. Previous rock chip samples at the site returned assays 9.92 grams per tonne and 4.67g/t gold.
‘The goal is ultimately to make loyal shareholders money and this is exactly what this cash injection will be directed at.’
Terrain Minerals executive director Justin Virgin
Management says it plans to use the funding for its existing exploration endeavours.
Terrain Minerals executive director Justin Virgin said: “We are very pleased with the being able to unlock value and $300k of cash. Wildviper was the last part of the Great Western gold mine package, sold to Red5 Ltd in 2020, which realised around $3m for the company! The goal is ultimately to make loyal shareholders money and this is exactly what this cash injection will be directed at.”
The company says the Wildviper sale was the result of an internal strategic initiative, which is focusing exploration expenditure on opportunities that have the potential for large, company-making-style deposits, in addition to securing significant strategic parcels of land in a bid to target future-facing commodities.
Part of the latest financial boost could be used to replace funds for a recently-launched helicopter-borne electromagnetic survey at its Lort River project near Esperance to test a distinctive “eye” magnetic feature.
Management says the feature bears stark similarities to IGO’s renowned Nova-Bollinger nickel-copper deposit in WA’s prospective Albany-Fraser belt. Importantly, the 640sq-km Lort River operation sits along the interpreted strike of the Nova nickel-copper mine.