Redstone acquires gold, lithium, base metal prospects in Western Australia
ASX-listed Redstone Resources has entered into an exclusive agreement to acquire 100% interest in a suite of highly prospective gold, lithium, copper and other base metal exploration projects in Western Australia.
This strategic tenement portfolio provides Redstone with exposure to several compelling exploration targets - many of which have had limited exploration work despite being located near to word-class discoveries and deposits, which presents a significant opportunity for Redstone to apply renewed focus and modern exploration techniques.
The acquisition involves no cash consideration, enabling Redstone to rapidly start with drilling and other priority exploration activities, particularly at the Mt Cauden and Twin Hills project areas, while the technical team undertakes a comprehensive assessment of the broader portfolio. Rather, Redstone has issued 75-million fully paid ordinary shares to the vendor, Hurricane Prospecting, at a deemed issue price of $0.003 apiece. The acquisition consideration also includes a 1.5% net smelter return royalty over all the acquired projects.
"The decision to expand our exploration footprint in Western Australia aligns with our strategic focus on copper exploration at the Tollu copper deposit in the West Musgrave region. We look forward to advancing our assessment of these highly prospective assets and providing shareholders with further updates on our exploration plans in the near term," says Redstone chairperson Richard Homsany.
Redstone has already secured programme of work approvals for the Mt Cauden and Twin Hills projects, which have several identified walk-up drill targets for expedient exploration.
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