THE BOURSE WHISPERER: OZZ Resources (ASX: OZZ) has acquired the Pinnacle Well project in the Leonora district of Western Australia.
OZZ Resources has entered a farm-in arrangement, under which it can earn a 75 per cent interest in the Pinnacle Well project by spending $750,000 on exploration over 2.5 years, followed by a Joint Venture.
The project covers an area of 95 square kilometres and is just 30km north of Leonora to the east of OZZ’s existing Mt Davis project.
The project area has had very limited drilling, despite the presence of a prospective greenstone belt.
Recent sampling and mapping have confirmed the presence of gold, base metal and molybdenum mineralisation in numerous locations across the Exploration Licence, which has recently been renewed for a five-year period and has no encumbrances.
“I am excited by the potential of the Pinnacle Well project, which has significant potential to host gold and base metal mineralisation,” OZZ Resources managing director Jonathan Lea said in the company’s ASX announcement.
“This acquisition, and the rapid start to our exploration efforts since listing, emphasises our commitment to our corporate strategy of focused assessment and improvement through portfolio regeneration.”