- Bulletin Resources has entered a Sale and Purchase Agreement with major shareholder Matsa Resources to purchase the Lake Rebecca gold project
- The acquisition includes a cash payment of $125,000 and 1 per cent NSR
- Bulletin and Matsa will enter into a joint venture
- Further drilling planned at the project
Bulletin Resources has entered a Sale and Purchase Agreement (SPA) with major shareholder Matsa Resources to purchase the Lake Rebecca gold project.
Lake Rebecca is located 150km northeast of Kalgoorlie, Western Australia. The project covers a 172 square kilometre area and is in the southern part of the Laverton Tectonic Zone.
The Laverton Tectonic Zone is one of the most productive gold trends in the WA Goldfields. The Sunrise Dam, Wallaby, Lancefield and Granny Smith gold camps are all along this Tectonic Zone.
The purchase for 80 per cent interest for the project includes a cash payment of $125,000 and a 1 per cent net smelter royalty (NSR) on all minerals.
Bulletin and Matsa will enter into a joint venture. Bulletin will be responsible for all expenditure on the project and Matsa will be free carried up to a bankable feasibility study. A formal royalty agreement will also be arranged.
Recent drill results from the Rebecca project include: 9m at 8.06g/t Au, 19m at 3.66g/t Au and 45m at 1.53 g/t Au.
Previous work for gold at the southeast side of the project include Aircore and reverse circulation (RC) drilling. Other areas of the project have had limited gold exploration but the potential still exists for gold.
The company intends to explore the project by advancing all prospect areas. RC drilling is planned to test potential adjacent to the Rebecca project.
Other targets will advance with geophysical review, mapping and soil sampling prior to determine drilling sites if warranted.