Strike Resources (ASX:SRK) has not been able to reach agreement on an offer for its Apurimac and Cusco Iron Ore Projects in Peru.
The high grade Apurimac project in Peru is known to possess some of the highest grade magnetite in the world. The grade is exceptional for magnetite at around 57% iron, which is almost twice as high as many peer magnetite deposits.
There is a JORC Resource at Apurimac of 269 million tonnes of iron ore grading an average of 57.3% iron.
Strike had fielded interest from various parties in acquiring its Peru assets with one offer received.
No agreement was reached on the commercial terms and the offer has been withdrawn.
The company had a very tidy cash balance of $10.3 million at June quarter end.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.