The Acquisition
Gold Aura Limited (ASX Code: GOA) (“GOA”) has signed agreements to acquire four project areas in Western Australian collectively considered to be highly prospective for gold and other base metals, uranium and iron ore.
For each property, GOA has or will acquire an 80% interest with the vendors retaining a 20% free carried interest up to completion of a bankable feasibility study. For tenements currently under application (ELAs), completion is subject to eventual grant of the Exploration Licences (ELs) to the vendors.
The total consideration for the package of tenements is 3,600,000 GOA shares and refund of tenement application fees and rentals of $57,642. A total of 1,800,000 GOA shares are now being issued and a total of $50,142 is being reimbursed. Issue of a further 1,800,000 GOA shares and payment of $7,500 will be made as tenements are granted.
The acquisition represents excellent shareholder value with little cash outlay and low expenditure commitments and establishes a strategic alliance with the vendors for future involvement in Western Australia.
Details of Acquisition
The tenements have been acquired from South Boulder Mines and two private unlisted Western Australian companies on terms considered to be favourable to GOA with only low up-front cash cost. There are no expenditure commitments, timetables or exploration program commitments other than those imposed under the Western Australian EL conditions.
GOA welcomes the vendor companies as shareholders as all three have indicated their intention to be long term holders of the stock.
The details of the areas acquired or to be acquired are:
Doolgunna Gold Project (ELs 51/1189, 51/1190 and ELAs 52/2054, 51/1228, 51/1229): This Project area is located 830 km NNE of Perth and 150 km NE of Meekatharra and consists of five exploration licence applications (grant pending for three) covering a total combined area of 870 km2. This area offers significant potential to discover a new gold and base metal/nickel province in a greenstone belt under shallow cover, close to recent major gold discoveries in adjacent areas. The project is situated in a Palaeo-Proterozoic (1.6 to 2.5 billion years ago) sedimentary basin which developed on the northern edge of the Yilgarn Craton. Only limited exploration work has previously been undertaken and alluvial gold has been reported in the northern part of the Project area.
Click Here to View Location Map of the Nicks Bore, Doolgunna and Quongdong Well Projects
Quongdong Well Uranium Project (EL 38/1762): This Project covers the rights to explore and extract uranium from an already granted Exploration Licence which is located at the northern end of the Duketon Greenstone Belt north of Laverton. It covers Anomaly 58, as outlined in CSIRO Report “Uranium Occurrences in Calcrete and Associated Sediments in Western Australia”. The occurrence is hosted by a shallow, drainage developed, calcrete body which is up to 2.0 km wide, 3 to 10m thick and extends over a distance of 8.0 km north from Quongdong Well. Within the calcrete horizon, the uranium anomalous area is stated to be 1.0 km wide by 6.0 km in length. South Boulder Mines Limited is the holder of the tenement;
Click Here to View the Quongdong Well Location Map
Nick’s Bore Uranium/Base Metal/Gold Project (EL 09/1475): This is a uranium, gold and base metal Project located 220 km north east of Carnarvon in the Gascoyne region of Western Australia.. There are no previous reports of uranium exploration having been undertaken on the tenement which includes a calcrete bearing section of the Lyons River that drains granites characterised by high uranium background levels and which are host to numerous bedrock uranium occurrences. Calcrete hosted uranium mineralisation occurs at several localities upstream in Lyons River. Some gold and base metal gossans have also been located in close proximity to the Project area.
The acquisition of the fourth property (iron ore) is conditional upon confirmation of priority of the vendor’s tenement application and upon the eventual grant of the exploration licence to the vendor.
GOA will continue to evaluate all its projects to ensure managements time and funds are focussed on the projects that will best assist in achieving the company’s strategic objectives and maximise shareholder value.
About Gold Aura Limited
Gold Aura’s principal activity is the global exploration for world class mineral resources. Its current focus is directed towards an accelerated follow-up drilling program of the newly discovered polymetallic mineralisation at Croydon. Gold Aura is also undertaking infill drilling of its gold resource in Papua New Guinea and the commencement of exploration at Sao Chico in Brazil. GOA is continuing with its gold projects in Kazakhstan and China.
For further information please contact;
Ken Chapple,
Managing Director
+61 7 3833 3833 Mb 0418 758 301
or visit Gold Aura’s website at www.goldaura.com.au.