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- EV Resources (EVR) enters an exclusive three month option to purchase the Christina tin-tungsten project in Central Morocco from Skiait Mining Company
- Under the agreement, EV will buy 100 per cent Skiait Mining — the sole owner of the Christina project — for a total of US$500,000 (A$704,000)
- Christina covers an area of 48 square kilometres, all of which is prospective for tin and tungsten
- Executive Director Adrian Paul said the project offers the “potential to enter an area with excellent access, good mining regulation and known mineralisation”
- EV Resources is up 2.5 per cent to 4.1 cents per share as of 12:08 pm AEST
EV Resources (EVR) has agreed to an exclusive three month option to buy the Christina tin-tungsten project in Central Morocco.
The company has entered into the agreement with Christina’s owners, Skiait Mining Company, to buy 100 per cent interest of Skiait.
Under the agreement, EV will pay US$500,000 (A$704,000) for the project, which will be paid in staged payments.
A US$10,000 (A$14,100) payment will be made by EV Resources for the right to conduct due diligence over the initial three-month period.
Upon exercise of the right to acquire the project, the company will pay US$300,000 (A$423,000) to gain a 60 per cent ownership. Six months later, EV Resources may then pay another US$200,000 (A$282,000) to acquire the remaining 40 per cent stake.
Christina is located in the southern portion of the large Zaér Intrusion, which covers a large part of Central Morocco.
Notably, access to the project is via sealed and unsealed roads and exploration is possible all year round.
According to EV, the project covers an area of 48 square kilometres, all of which is prospective for tin and tungsten.
Executive Director Adrian Paul said the project offers the “potential to enter an area with excellent access, good mining regulation and known mineralisation.”
“The project has all the hallmarks of a quality project, with several high-quality targets ready for assessment,” he said.
“We look forward to completing the transaction and commencing fieldwork on this attractive acquisition.”
EV Resources is up 2.5 per cent to 4.1 cents per share as of 12:08 pm AEST.
