Ramelius picks up Breakaway tenements

THE BOURSE WHISPERER: Breakaway Resources has signed a Sale and Purchase Agreement with Ramelius Resources.

The agreement will result in Ramelius purchasing a number of Breakaway’s tenements located in the West Kambalda region of Western Australia.

 

West Kambalda tenement location. Source: Company announcement

 

Ramelius will pay $300,000 in cash and a Royalty in the form of the total of 1.5 per cent of the Net Smelter Return on all minerals other than nickel.

Breakaway will retain the Nickel Rights on the tenements.

The tenements under question are located immediately north of Ramelius’ Wattle Dam gold mine.

They comprise a total of ten exploration, prospecting, and mining licences but exclude Breakaway’s 100 per cent – owned Spargos Reward tenements, which contain the Spargos Reward gold mine.

“The tenement sale is consistent with Breakaway’s previously announced strategy of rationalising its extensive Australian minerals portfolio, thereby allowing the company to focus its ongoing exploration activities on the highly prospective Eloise copper-gold exploration project located in the Cloncurry District, Queensland,” Breakaway Resources said in its ASX announcement.