THE BOURSE WHISPERER: ActivEX Limited (ASX: AIV) has signed a Sale and Purchase Agreement with Newcrest Operations Limited, a subsidiary of Newcrest Mining (ASX: NCM).
The deal is for the purchase of a 100 per cent interest in Exploration Permit for
Minerals 14079 – also known as Coalstoun Lakes, located 100 kilometres north-west of Gympie in south-east Queensland.
ActivEX is to pay a consideration of $200,000 in cash.
The company described Coalstoun Lakes as an area of 189.9 square kilometres located between Gayndah and Biggenden, which has been explored for porphyry copper style mineralisation since discovery in the 1970s.
Coalstoun Lakes project acquisition and ActivEX tenement holdings in south-east Queensland. Source: Company announcement
According to ActivEX recent work by Newcrest has principally focussed on exploring large tonnage gold-copper and gold dominant breccia and epithermal targets which lie adjacent to, and are associated with, the Coalstoun Lakes copper porphyry.
“We were attracted to Coalstoun Lakes by the extensive copper porphyry system, in particular the near surface supergene enrichment zone which is similar to our White Horse supergene target, located in the same district,” ActivEX Managing Director Mr Doug Young said
“We believe we can bring both prospects to resource stage quickly and we are looking at the obvious synergies in a combined project development.
“Apart from the supergene copper target, there are several other quality gold targets that we consider to be drill ready and highly attractive for a company such as ActivEX.
“This acquisition is in line with our company’s renewed focus on its key commodities, copper and gold and considerably strengthens our position in south-east Queensland, a known copper and gold province.”