- Orange Minerals (OMX) will acquire the Wisemans Creek and Ophir tenements in New South Wales from Godolphin Resources
- The companies signed a binding term sheet for a total consideration of $550,000, which will be settled in cash and equity
- The tenements are currently subject to farm-in and joint venture agreements with Godolphin, in which OMX may acquire up to 70 per cent of each tenement
- The company said the acquisition provides it a chance to acquire 100 per cent of the project at a discount to the joint venture expenditure
- Shares are trading 3.57 per cent higher today at 14.5 cents each
Orange Minerals (OMX) will acquire the Wisemans Creek and Ophir tenements in New South Wales from Godolphin Resources.
The companies signed a binding term sheet for a total consideration of $550,000, which will be settled in cash and equity.
The tenements are currently subject to farm-in and joint venture agreements with Godolphin. This could see Orange earn up to 70 per cent in each tenement by spending $2 million by 2026.
The company said the acquisition provides it a chance to acquire 100 per cent of the project at a discount to the joint venture expenditure.
Managing Director David Greenwood said the company has a number of targets it wants to explore.
“The outright purchase of the Wisemans Creek and Ophir tenements importantly gives
Orange 100% control of the tenements, allows Orange to manage exploration activities in its own timeframes & effectively steer its own destiny,” he said.
“A drill programme is planned at Wisemans in the short term to test a number of targets where previous exploration had significant drill hole intersections.”
Shares were trading 3.57 per cent higher today at 14.5 cents each at 12:40 pm AEDT.