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Great Western Exploration Ltd (ASX:GTE) has announced it will sell its Yandal West Gold Project to another West Australian-focused miner, Albion Resources Ltd (ASX:ALB), with the intention of focusing its full attention on programs at the Oval, Oval South, Sumo, and Juggernaut plays.
GTE has entered a binding agreement to divest the tenements of its non-core Yandal West project in an all-scrip transaction. However, the company will still have the potential to benefit from future exploration success at Yandal through its significant shareholding in Albion and milestone performance rights.
Under the terms of the deal – expected to be completed by January 2025 – Albion paid 22,222,222 fully paid ordinary shares priced at $0.045, each (representing consideration of A$1,000,000) as well as 30,000,000 performance rights.
GTE managing director Shane Pike said the sale would mean the company could concentrate on its suite of high intensity work planned at other projects.
“Given the exciting exploration program Great Western has underway at its Oval Prospect and with multiple maiden drilling programmes at the Oval-South Copper-Gold target, followed by drilling at the Sumo Niobium Target and Six Juggernaut VHMS targets, notwithstanding the prospectivity of the Yandel West Project, it is not able to get the
attention it deserves within GTE,” he said.
“We are therefore delighted to have reached an agreement with Albion Resources, which is well-funded and has the dedicated resources to progress the significant potential of the Project as GTE focuses on its upcoming high-impact drill programmes.”
GTE has been trading at 2.7 cents.
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