THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) is set to be $30 million to the good after announcing a deal to sell the company’s Juruena gold project in Brazil.
Meteoric Resources is selling Juruena with a price tag of US$22 million to Keystone Resources Ltd, a wholly-owned subsidiary of Alchemist Investments Inc., a holding group with experience in developing mines globally, including Brazil.
Meteoric signalled the deal will allow it to accelerate the development of its Palm Springs gold project in Western Australia whilst seeking further acquisition and investment in complimentary resources projects.
“We are pleased to announce the sale of our Juruena gold project in Brazil for up to US$22,000,000,” Meteoric Resources managing director Andrew Tunks said in the company’s ASX announcement.
“I am very proud of the work we have completed in firstly identifying then securing Juruena followed by our successful exploration of the project over the past three years.
“During this time the team has produced some truly amazing drilling results ultimately resulting in a substantial Mineral Resource of 1.9 million tonnes at 6.3 grams per tonne gold for 387,000 ounces.
“We consider this the ideal moment at which the pass Juruena to a group far better placed than ourselves to now develop the project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit.”
The company also announced that Tunks will be standing down as managing director.
“Having delivered this result for shareholders, I feel this is the right time for me to step down from the position of managing director into a non-executive director role,” Tunks said.
“I personally would like to thank shareholders and the Board for the opportunity to lead Meteoric since 2018.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE