THE BOURSE WHISPERER: Breaker Resources (ASX: BRB) has sold its Mt Gill and Kurrajong project tenements to Gold Road Resources (ASX: GOR) and its South Yamarna joint venture partner Sumitomo Metal Mining Oceania Pty Ltd.
The total consideration for the transaction is $50,000 cash with Breaker receiving a further one million in the event of 500,000 ounces in a JORC-compliant Resource being defined across any of the three sale tenements.
In its announcement to the ASX, Breaker said the sale would enable the company to increase its current focus on its recent gold discovery at the Lake Roe project.
In a separate announcement Breaker advised it had completed a $2.1 million raising, the funds from which would be dedicated to Lake Roe as well as its Duketon North gold project.
A 9,000 metre aircore drill program at Lake Roe is currently in progress in preparation for reverse circulation (RC) drilling.
This drilling is situated directly north of high-grade primary gold lodes Breaker discovered by recent RC drilling and is expected to be completed within the next two weeks.
The company said a maiden aircore drill program at the Duketon North project is planned to start in late June 2016.