GTI plans to build a gold tailings treatment plant to recover gold and other minerals located in the three dams.
The company’s share price has reacted positively to the news, last trading 20% higher intra-day on Friday, at $0.03.
The tailings dams already contain a total resource of 183,000 ounces of gold.
The gold treatment plant will be relocatable, opening up future options and scenarios for GTI following recovery of the gold and other minerals from the three dams.
GTI now has access to Poseidon’s data and reports, including a definitive feasibility study and gold tailings mine plan completed in 2012.
GTI has rights to 80% of the three gold mining exploration leases with Poseidon earning 20% free carry to a bankable feasibility study.
The acquisition price is $3 million in cash.
Drilling programs are now being assessed to explore the project, which represents a real opportunity to add value for GTI shareholders.