MINING REFINING

Peak Minerals to acquire Tapanahony Gold project in South America

Tue Nov 12 2024

Australian mineral exploration and development company Peak Minerals has signed a binding letter of intent to acquire the Tapanahony Gold project in Suriname, South America.

Under the terms of the agreement, Peak has the option to initially acquire a 60% interest in the project through a combination of share issuance and cash payments.

Peak also has the opportunity to acquire an additional 30% stake in the project by issuing two million shares on the six-month anniversary of the closing date.

The remaining 10% stake can be obtained at any point through cash and/or shares, based on an independent valuation.

The company also plans a non-brokered private placement of eight million shares at A$0.25 each, raising A$2m for working capital, pending approval from the Canadian Securities Exchange.

The Tapanahony Gold project spans 29,000ha and includes several gold targets, varying from large anomalies in soil to sites with limited drilling, all indicating the potential for further exploration.

Source: https://www.mining-technology.com/