Tyranna Resources Ltd has successfully completed the sale of the Jumbuck Gold Project in South Australia to Marmota Ltd (ASX:MEU).
Tyranna received A$3 million for the project, which consisted of A$2.5 million total cash consideration, including a A$300,000 deposit and 9,547,626 fully paid ordinary shares in Marmota at an issue price of A$0.0534 per share.
This price represents the volume-weighted average price over the six months prior to the announcement of the transaction on October 13 with MEU shares now trading at A$0.045.
The Jumbuck Gold Project is the largest expansion in Marmota’s gold interests in the company’s history.
The tenements and gold resources Tyranna has sold to Marmota are adjacent to Marmota’s Aurora Tank gold discovery, which has been yielding multiple close-to-surface intersections of 100 g/t gold over 1-metre.
They are also close to the Challenger gold mine, which produced more than 1.2 million ounces of high-grade gold and was one of Australia’s most profitable open-pit gold mines.
Story by ProactiveInvestors
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