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EYM to acquire promising gold and base metals WA projects
2 minute read
Junior mineral resources company, Elysium Resources (ASX:EYM) announced this week that it has entered into a binding agreement to acquire Hardey Resources Pty Ltd, which owns a number of prospective gold and base metal projects in the globally recognised Pilbara and Paterson regions of WA.
These the Bellary, Hamersley, Cheela and Elsie North Projects, which cover some 512 square kilometres of Fortescue Group Rocks, as well as the Grace Project situated in the Paterson Province in WA.
Post-acquisition, EYM will have a 100% ownership interest in Hardey and this portfolio of projects.
A maiden exploration program will commence almost immediately, targeting the conglomerate-hosted gold potential of Hardey’s tenement portfolio, initially focusing at the Bellary Project.
As this is an early stage development, investors should seek professional financial advice if considering this stock for their portfolio.
An exploration field crew is currently mobilising the site to begin systematic quad bike-assisted soil and stream sediment sampling and prospecting across the projects that outcrops within the tenement portfolio.
Exploration will focus initially on the 46 sites of interest identified by Hardey’s geologist that are located within the target stratigraphy of the Fortescue Group Rocks and are, in some cases, supported by historic geochemistry gold anomalism.
Hardey-employed prospectors will be working in conjunction with EYM’s geological field team.
Phase 1 of the program is expected to take around three to four weeks to complete, and significant results will be reported as they are received.
The full scope of Hardey’s projects:
All of the Hardey projects are prospective for gold and base metals. EYM cautions investors that further work is required in order to confirm the gold-bearing nature of the prospective conglomerate sequences which have been identified within Hardey’s tenure.
EYM executive director, Terence Clee, said: “This deal elevates Elysium into the Pilbara as a genuine explorer with a highly prospective tenement portfolio and experienced management team.”
“The work undertaken by Hardey as a first mover in the Pilbara gold rush has positioned the company well with high quality gold projects prospective for conglomerate-hosted gold and high grade orogenic gold, following in the footsteps of Novo Resources.”