Ora Gold Limited (ASX: OAU) is thrilled to announce a significant expansion of the Garden Gully Project Tenure through the acquisition of Sipa's Murchison Project. This substantial tenement package is principally located adjacent to and south of Ora Gold's Garden Gully Gold Project.
Highlights of the Acquisition:
The Murchison Project comprises 14 exploration licenses and 3 applications for exploration licenses, encompassing 460km² in the Murchison region of Western Australia.
The acquisition triples the size of Ora Gold's existing 217km² ground position in the region along key geological structures.
Total consideration for the acquisition payable to Sipa is $1.4M, comprising $600,000 in cash and $800,000 in Ora Gold shares at a deemed price of 0.60c, with 50% of the shares subject to a voluntary 12-month escrow period.
Settlement of the transaction is expected to be completed on or around August 31, 2023.
The acquisition is highly complementary to Ora Gold's advanced Garden Gully Project, contiguous in many areas with major prospective structures striking through currently held ground and tenure acquired under this transaction.
Acquisition also includes well-located and highly prospective tenements near the Reedy Gold Mine and near the Burnakura Gold Plant.
Ora Gold's CEO, Alex Passmore, commented on the acquisition, stating: “We are pleased to announce the acquisition of very prospective additional tenure adjacent to our existing Garden Gully Project. The tenement package includes extensions to the Abernethy shear zone in the southern part of our existing project area which shows substantial gold anomalism along a +5 km strike. Additionally, the southern and southeastern newly acquired areas are in prospective zones and are located near recent past producing mines (Reedy and Burnakura). Exploration on the new tenure will be incorporated into a regional exploration program with drilling to be undertaken in the coming 3 months.”
The acquisition aligns with the Company's strategic focus on pursuing organic and inorganic growth options considered value accretive for shareholders.
Ora Gold Limited (ASX: OAU) is a mineral exploration and development company which holds a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia.