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- Black Dragon Gold (BDG) enters the WA gold exploration market through the acquisition of private company Marlee Gold
- Marlee Gold holds the Padbury Gold and Ivan Well projects in WA which make up 481 square kilometres of mineral exploration licences
- The consideration consists of a $10,000 exclusivity fee for due diligence, and $70,000 in cash, $70,000 worth of shares and one million in unlisted options on completion
- Black Dragon will undertake integration and interpretation of remote sensing and geophysical data, regional reconnaissance and mapping, and soil geochemistry
- Shares in Black Dragon are steady on market close, last trading at 3.9 cents
Black Dragon Gold (BDG) has entered the WA gold exploration market through the acquisition of private company Marlee Gold.
Marlee Gold holds the Padbury Gold and Ivan Well projects in WA which make up 481 square kilometres of mineral exploration licences.
The consideration for the acquisition consists of a $10,000 exclusivity fee for exclusive due diligence (which has already been paid), and $70,000 in cash, $70,000 worth of shares and one million in unlisted options on completion.
It also consists of a 1.5 per cent net smelter royalty and deferred consideration of $1 million in cash or shares upon Black Dragon announcing a mineral resource estimate of at least 500,000 ounces.
A further $1 million in cash or shares will be issued upon an additional 500,000-ounce mineral resource for the projects.
Black Dragon will undertake integration and interpretation of remote sensing and geophysical data, regional reconnaissance and mapping, and soil geochemistry.
Padbury
The Padbury Project lies roughly 90 kilometres north-northwest of Meekatharra and consists of granitoid-hosted gold targets with extensive gold occurrences over a 15-kilometre by seven-kilometre area.
It has not been subject to modern exploration techniques other than localised prospecting.
Ivan Well
The Ivan Well Project lies roughly 160 kilometres north-northeast of Wiluna in the northern Goldfields region of WA.
It consists of a largely underexplored portion of the Earaheedy Basin with the Geological Survey of Western Australia’s heavy mineral database showing more than 24 occurrences of gold shedding.
While the source of the gold mineralisation is yet to be determined, it is believed to be from folded shales within the Frere Formation.
“We have completed a thorough review and due diligence process of several precious metal new venture opportunities in Australia,” Managing Director Gabriel Chiappini said.
“The projects compiled by Marlee Gold show extensive, yet untested gold anomalism and present a significant opportunity for a new discovery.
“The addition of Marlee Gold complements the ongoing development work we’re undertaking at our +1.5 million ounce Salave Gold Project in Spain.”
Shares in Black Dragon were steady on market close, last trading at 3.9 cents
