- CuFe (CUF), formerly known as Fe, acquires a 60 per cent interest in the Tennant Creek Project in the Northern Territory
- On September 24, the company announced it had entered a binding agreement to acquire a 60 per cent interest in the exploration assets of Gecko Mining Company
- For the acquisition, CuFe issued 85 million ordinary shares and 75 million unlisted options which are exercisable at 10 cents with expiry on December 9, 2024
- The company said it planned to initially focus on the Orlando pit, where it believes there is the potential for open-pit early cashflow opportunity
- Shares in CuFe are up 6.67 per cent on the market and are trading at 3.2 cents
CuFe (CUF), formerly known as Fe, has acquired a 60 per cent interest in the Tennant Creek Project in the Northern Territory.
On September 24, the company announced it had entered a binding agreement to acquire a 60 per cent interest in the exploration assets of Gecko Mining Company (GMC).
The Tennant Creek Project lies in the highly-prospective Gecko-Goanna copper-gold corridor, which has historically produced more than 5.5 million ounces of gold and 488,000 tonnes of copper.
For the acquisition, CuFe issued 85 million ordinary shares and 75 million unlisted options which are exercisable at 10 cents with expiry on December 9, 2024.
The company said it planned to initially focus on the Orlando pit where it believes there is the potential for open-pit early cashflow opportunity.
Executive Chairman Tony Sage said the company is pleased to have completed the transaction.
“It’s an exciting time to be entering the Tennant Creek area, with Emmerson Resources’ recent drilling results at its Hermitage deposit, which is located less than 20 kilometres from CUF’s ground, demonstrating the potential to discover new orebodies in the region,” Mr Sage said.
“We have a number of workstreams already underway as we look to fast track our review of development opportunities, commencing with the Orlando open-pit cut back.”
Shares in CuFe were up 6.67 per cent on the market and were trading at 3.2 cents at 2:25 pm AEDT.