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Dart Mining (ASX:DTM) has officially picked up Sunshine Metals’ (ASX:SHN) Triumph Gold Project (TGP) for $2 million. That $2M is made up of $1M cash to Sunshine from Dart, as well as Dart’s issue of 83.3M shares to Sunshine to make up the other mil.
Sunshine’s TGP – now Dart’s – is located some 520km north of Brisbane and 80km south of Gladstone. Sunshine wanted to get the project off its books to consolidate activity elsewhere.
To make the purchase, Dart flagged a $1.8M raise back in August with its description of Triumph as a “high-grade” project.
Funds would also go to diamond rig drilling and general capital.
Triumph is located in the “historical” Norton gold field according to an extant webpage on Sunshine’s website; from that earth was plucked some 20,000 ounces of gold from the settler days to around the second World War.
It’s comprised of two permits and covers some 138sq.km, and typical for a smaller explorer’s advertising materials, Sunshine has previously noted it sits nearby other gold mines.
That’s nearology, which doesn’t really count for much, despite being a face oft capable of launching a thousand ships. Or, share purchases.
At any rate, the move hasn’t particularly put Dart in good stead. While it’s a bit of a shocker day for the ASX200, Dart – thinly traded, mind you – was down nearly -10% on the news in the first hour of trades.
DTM last traded at 1cps.
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