Blackstone divests Red Gate Project for A$1m
Blackstone Minerals Limited (ASX:BSX) has entered into a Binding Option Agreement with Golden Pacific Resources Limited to divest 100% of the now non-core Red Gate Project for a total value of A$1 million.
The decision to divest the Red Gate Project comes after BSX’s recent acquisition of its flagship Little Gem Cobalt-Gold Project in British Columbia, Canada and the recent success at Silver Swan South, Western Australia.
The company recently received assays from the initial six drill holes of the company’s maiden drilling program at the Little Gem Project. It is also continuing to work on finalising priority targets at its Silver Swan Project for drill testing in the coming months.
The Red Gate Project consists of one granted Exploration Licence E31/1096 covering an area of 145.2 square kilometres and is located 140 kilometres northeast of Kalgoorlie.
Blackstone’s Managing Director commented, “We continue to see potential for the Red Gate Project to discover mineable resources and hence we are now looking forward to becoming a major shareholder of Golden Pacific Resources over the coming months. We wish the Board and Management of Golden Pacific Resources every success in finalising their IPO and continuing to progress the Red Gate Project.”
A disclosure document for the Golden Pacific Resources IPO will be made available when the securities are offered, and anyone who wishes to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document.
It's also important to note that this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Golden Pacific Resources Limited is a gold exploration company based in Brisbane. The Company’s directors and technical people have extensive previous experience in successfully bringing companies to market during the past 12 years. Golden Pacific Resources intends to list on the ASX later this year, bringing two to three gold projects to market with the Red Gate Project being the flagship project.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.