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ERO Mining given green light to acquire gold project in the Yilgarn Craton, Western Australia

ERO Mining given green light to acquire gold project in the Yilgarn Craton, Western Australia

ERO Mining (ASX: ERO) has received the necessary consents and approvals to proceed with the acquisition of the Spargoville Gold Project in the Yilgarn Craton, Western Australia, from Ramelius Resources (ASX: RMS).

The project encompasses the previously mined, high-grade Wattle Dam deposit that produced 286,000 ounces of gold at an average grade of 10.1 grams per tonne between 2006 and 2012 as well as over 11,440 hectares of surrounding tenements.

ERO views Spargoville as an advanced exploration project which is prospective for blind orogenic structurally controlled gold lode deposits, similar to Wattle Dam.

The Spargoville Project consists of a substantial tenement package of 27 granted mining leases, two granted exploration licences, five prospecting licenses and two miscellaneous licences which include 100% gold rights and various nickel rights.

It is located 60 kilometres southeast of Coolgardie and 25 kilometres southwest of Kambalda within the Coolgardie Mineral Field.

ERO is paying Ramelius 133.3 million shares for the 100% stake in the project.

 

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March 14 2013

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