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Cazaly Resources Takes 100% Ownership at Halls Creek Project

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THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) has purchased 80 per cent of the Halls Creek project from 3D Resources (ASX: DDD).

Cazaly Resources will now own the project 100 per cent.

The Halls Creek project comprises granted Mining Lease 80/247 situated near the township of Halls Creek covering part of the Halls Creek Mobile Zone which is considered highly prospective for a range of commodities including base metals, gold, diamonds and nickel.

The project hosts the Mount Angelo copper-zinc deposit, an extensive zone of near surface oxidised copper-zinc mineralisation overlying massive copper-zinc sulphide mineralisation.

“The company will be conducting a review of all previous exploration on the project,” Cazaly Resources said in its ASX announcement.

“There remains very good upside potential with mapping defining the untested northern extensions of the deposit including mapping out of the important Banded Iron Formation capping unit.

“Furthermore, downhole EM conductors previously defined have yet to be drill tested.”

“Whilst the company has greatly added to its portfolio of projects with this acquisition and the recent staking of the large Ashburton project, the company will also continue to focus on the potential acquisition of a further advanced project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au

 

Cazaly Resources Completes Sale of Parker Range to Mineral Resources

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THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) finalised the sale of the Parker Range iron ore project to Mineral Resources (ASX: MIN).

The sale of the project includes the tenements (M77/0741, M77/0742 and M77/0764), the mining information, contracts and authorisations for the Project.

The sale follows Cazaly Resources (ASX: CAZ) receiving a binding Heads of Agreement (HoA) proposal from Mineral Resources to purchase the Parker Range project.

Cazazly had previously agreed commercial terms for the sale of its 100 per cent-owned subsidiary, Cazaly Iron Pty Ltd, which holds the tenements that comprise the project, to Gold Valley Iron Pty Ltd.

The agreement with Gold Valley allowed for an initial three-month due diligence exclusivity period, however Cazaly reserved the right to terminate the exclusivity period should it receive another proposal or offer from a third party which is more favourable to Cazaly and its shareholders.
The Mineral Resources deal fit that description.

The unsolicited HoA proposal from Mineral Resources involves a payment of $2 million cash upon completion of the sale; and a royalty of 50 cents for every dry metric tonne of iron ore extracted and removed from the project area the first 10 million dry metric tonnes.

Cazaly declared the binding HoA proposal from Mineral Resources to be more favourable to the company and its shareholders and subsequently terminated the exclusivity period with Gold Valley.

Cazaly said it had received the cash consideration of $20 million from Minerals Resources and has terminated the Term Sheet with Gold Valley Iron Pty Ltd, which ceases to be in force or effect.

 

Email: admin@cazalyresources.com.au

Web: www.cazalyresources.com.au

 

Cazaly Resources to Sell Parker Range Project to Mineral Resources

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THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) received a binding Heads of Agreement (HoA) proposal from Mineral Resources (ASX: MIN to purchase the company’s Parker Range iron ore project.

Cazazly had already agreed commercial terms for the sale of its 100 per cent-owned subsidiary, Cazaly Iron Pty Ltd, which holds the tenements that comprise the project, to Gold Valley Iron Pty Ltd.

The agreement with Gold Valley allowed for an initial three-month due diligence exclusivity period, however Cazaly reserved the right to terminate the exclusivity period should it receive another proposal or offer from a third party which is more favourable to Cazaly and its shareholders.

The Mineral Resources deal fit that description.

The unsolicited HoA proposal from Mineral Resources involves a payment of $2 million cash upon completion of the sale; and a royalty of 50 cents for every dry metric tonne of iron ore extracted and removed from the project area the first 10 million dry metric tonnes.

“Cazaly has received a binding Heads of Agreement (HoA) proposal from Mineral Resources which the Board considers to be more favourable to Cazaly and its shareholders and therefore has terminated the exclusivity period with Gold Valley,” Cazaly Resources said in its ASX announcement.

“Following such termination Cazaly has agreed to commercial terms with Mineral Resources for the sale of the assets comprising the project.

“The agreement with Gold Valley remains in place whilst Cazaly evaluates the proposal and its next steps for the sale of the project.

“In the event that Cazaly terminates the agreement with Gold Valley a $250,000 break fee is payable by Cazaly.”

 

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au