Minotaur Exploration (ASX: MEP) is acquiring Breakaway Resources’ (ASX: BRW) interests in 14 Western Australian tenements near Kalgoorlie for $600,000 in cash.
This will give Minotaur a 20% interest in the tenements which are free carried by Aphrodite Gold (ASX: AQQ).
Aphrodite is acquiring earning a joint venture interest of up to 80% in the gold rights in the tenements and is required to keep all tenements in good standing.
Minotaur will also acquire a 100% interest in all non-gold minerals and considers the acquisition to be a foundation step in its building a Western Australia mineral portfolio, especially in the Goldfields region.
The acquisition is conditional on Aphrodite not exercising its pre-emptive right to purchase Breakaway’s interest in the joint venture.
Aphrodite’s drilling at the nearby Chameleon Prospect have returned 12 metres at 10.99 grams per tonne gold, 6 metres at 4.48g/t gold and 11 metres at 2.05g/t gold.
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