- Auris Minerals’ (AUR) shares are up today after terminating the purchase of Sams Creek Gold Project in New Zealand
- Last year, the gold and base metals explorer entered into an agreement to purchase Sandfire Resources’ (SRF) interest in Sam’s Creek
- However, the deal came to an end when the companies could not agree on the satisfaction of outstanding pre-conditions
- Auris ended the day up 10.5 per cent to close at 6.3 cents per share, while Sandfire is down 0.85 per cent, trading at $7.16
Auris Minerals’ (AUR) shares are up today after announcing it will no longer be purchasing the Sams Creek Gold Project in New Zealand.
Last year, the gold and base metals explorer entered into an agreement to purchase Sandfire Resources’ (SRF) interest in Sam’s Creek.
Under this deal, Auris had to issue a certain number of shares and options, as well as make staged cash payments. The deal also saw Auris conduct a drilling program which was completed earlier this year.
However, the agreement came to a bump when the companies couldn’t agree to an extension for the satisfaction of outstanding pre-conditions.
This led to Auris Minerals deciding not to proceed with the proposed acquisition.
Auris still maintains its highly prospective exploration tenements in the Bryah Basin of Western Australia and plans on updating the market on these operations in due course.
Last month, the company completed a diamond drilling program at the Forrest and Wodger deposits within the Forrest Project in Western Australia.
The program included five holes, for 2339 metres, and focused on gaining a better understanding of the area and its mineralisation.
Auris ended the day up 10.5 per cent to close at 6.3 cents per share, while Sandfire is down 0.85 per cent, trading at $7.16 at market close.