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Twenty Seven Co completes purchase of advanced gold project near Rover

Completion of the acquisition of the tenements has now occurred with the company having paid $450,000 in cash consideration to Cadre Resources.

Twenty Seven Co Ltd -
The Mt Dimer Project is made up of mining lease M 77/515 and exploration licence E77/2383 and is highly prospective for Archean gold.

Twenty Seven Co Ltd (ASX:TSC) has completed the acquisition of the advanced Mt Dimer Gold Project, which has potential to strengthen the company's gold position at Rover Project in WA's Sandstone region.

Mt Dimer comprises a mining lease and adjacent exploration licence north of Southern Cross in Western Australia’s Goldfields.

The acquisition also includes the Yarbu Project, about 80 kilometres northwest of the Mt Dimer mining lease, and the Trident Copper-Gold Project 35 kilometres northeast of Broken Hill in far west NSW.

Trident, which is prospective for iron oxide copper-gold (IOCG) enhances the company’s footprint around the Broken Hill area and complements the Midas and Mundi Mundi assets.

These projects have been acquired by TSC as a result of the acquisition of Oz Gold Group Pty Ltd and subsequent exercise of the Cadre option, with $450,000 in cash paid to Cadre Resources.

Oz Gold acquisition

In October the company completed the acquisition of 100% of the shares of Oz Gold Group Pty Ltd following a Binding Term Sheet announced on September 11, 2020.

The company has issued 100 million fully paid ordinary shares and paid $50,000 cash to the vendors of Oz Gold which are subject to the voluntary escrow conditions:

  • 50 million consideration shares subject to escrow for a period of three months from the date of their issue; and
  • 50 million consideration shares subject to escrow for a period of six months from the date of their issue.

Oz Gold has rights over gold-copper projects in WA and NSW, respectively, that are in well-established mining districts, close to critical supportive infrastructure and key ports.

Those rights include an exclusive option to acquire the Mt Dimer Gold Project in WA, which TSC has now exercised.

Quick facts: Twenty Seven Co Ltd

Price: 0.006 AUD

ASX:TSC
Market: ASX
Market Cap: $10.85 m
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