- Alta Zinc (AZI) has entered an agreement to sell its Paterson Project exploration tenement in Western Australia
- Alta will sell the 95-square-kilometre copper-gold prospect to Wishbone gold through its wholly owned subsidiary, Nickelex
- The explorer is set to be issued 600,000 fully paid ordinary shares in Wishbone and will be entitled to a 1 per cent net smelter royalty from Wishbone on all minerals mined and sold from the tenement
- Alta Zinc shares have fallen 16.7 per cent following the announcement, closing the day at 0.5 cents
Alta Zinc (AZI) has entered an agreement to sell its Paterson Project exploration tenement in Western Australia.
The minerals explorer has struck an arrangement to sell the copper-gold prospect, which is held by its wholly owned subsidiary, Nickelex, to AIM-listed Wishbone Gold.
The Paterson Project includes one granted tenement covering 95 square kilometres and is located approximately 250 kilometres northeast of Newman at the western edge of the Great Sandy Desert in the Eastern Pilbara region of Western Australia.
Upon completion of the agreement, Alta will be issued 600,000 fully paid ordinary shares in Wishbone as well as a 1 per cent net smelter royalty on all minerals mined and sold from the tenement.
Alta Zinc’s Managing Director, Geraint Harris, said the arrangement was an excellent outcome for the company.
“This is an excellent outcome for Alta as our key focus is firmly on our Italian projects, namely our flagship Gorno Zinc Project and the Punta Corna Cobalt Project,” he explained.
According to Alta, the sale marks the last of its Australian-based exploration assets as it solidifies its focus on its Italian prospects.
Alta Zinc shares have fallen 16.7 per cent following the announcement, closing the day at 0.5 cents.