MINING REFINING

Spartan sells noncore gold projects to Benz Mining

Mon Nov 04 2024

Gold company Spartan Resources has reached an agreement to sell two noncore gold projects in Western Australia to fellow ASX-listed Benz Mining for A$15.6-million in cash and scrip.

“The Glenburgh and Egerton projects have undoubtedly suffered from a lack of attention within the Spartan Group in recent years as a result of the incredible success we have enjoyed at Dalgaranga,” said Spartan interim executive chairperson Simon Lawson.

He said Benz was a well-funded and -backed explorer that could provide a reinvigorated life to the assets.

“With a combined mineral resource estimate of 537 000 oz at 1.0 g/t gold, Glenburgh and Egerton are exciting growth assets with demonstrated potential for high-grade underground ounces – which is expected to be the focus of Benz’s exploration campaign,” said Lawson.

The consideration comprises A$1-million in cash and A$8.6-million of Benz CHESS depository instruments, as well as up to an additional A$6-million in contingent payments.

The transaction will be completed in December.

Source: https://www.miningweekly.com/