THE BOURSE WHISPERER: Metalicity (ASX: MCT) announced the acquisition of strategic tenure within the Kookynie area of Western Australia.
Metalicity declared the acquisition as a major step forward in regards to the company’s farm in agreement with Nex Metals Exploration’s Eastern Goldfields gold projects.
The new farm in activity by Metalicity, in the Kookynie and Yundamindra areas, is included and contributory towards its commitment of $5 million to earn 51 per cent of the above mentioned farm in agreement.
“The history of the Kookynie and Yundamindra areas is one of very fractured ownership,” Metalicity managing director Jason Livingstone said in the company’s announcement to the Australian Securities Exchange.
“That has been a significant block on effective exploration and development over the past few decades.
“This step taken by Metalicity ensures that we can explore and develop this project effectively to maximise its value.”
The acquisition involves tenement P40/1331 and has been acquired from a local prospector, Simon Gary Byrne.
P40/1331 is a live prospecting tenement purchased from the vendor for $10,000 upon transfer of the tenement to KYM Mining Pty Ltd, with a further $10,000, six months from the date of transfer, and a royalty of 1% NSR on the first 50,000 ounces of production that may potentially be sourced from within this area.