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Ore Resources (ASX:OR3) has formally got its hands on the Randalls Project, which means the Eastern Goldfields-focused explorer has successfully consolidated the Kal East Gold Projects, closing out its $800,000 deal with fellow explorer Miramar Resources (ASX:M2R) by activating its option agreement.
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Miramar drew up the deal after deciding to pivot towards several of its other “high-potential assets” that still remain in its portfolio. The consideration for Randalls included cash, OR3 shares, milestone payments on delineation of JORC-compliant resources, and a royalty from future production.
On the other side of the bargain, Ore was eager to take full control of the Kal East area because it “offers several highly prospective gold targets and multiple walk-up drilling opportunities” for the expanding explorer.
Ore will now be staging further exploration across the 740.5km2 gold tenure. First pass drilling is also scheduled for a little bit later this year.
“This consolidation provides Ore with a significant and contiguous exploration footprint in a highly prospective gold district,” Ore’s managing director and CEO, Nick Rathjen, told the explorer’s shareholders today.
Mr Rathjen continued: “With extensive near-surface potential and Randalls now fully consolidated and wholly owned, we see an immediate opportunity to advance exploration through the continued application of our proven, low-cost exploration strategy and are well-positioned to deliver meaningful new gold discoveries and create additional value within this world-class gold district.”
From the other side, Miramar’s MD, Marion Bush, said: “Our focus is on exploration at our Gidji JV gold project just 15 kilometres north of Kalgoorlie. We believe we can quickly outline a resource that can be monetised.”
The deal was originally lined up in October CY25, with Ore paying $125K cash and $125K scrip for the option. Tenements E25/596 (granted), E25/649, and E25/654 and all associated data and rights are also included in the bargain.
OR3 is heading into Tuesday trade @ 5.7cps. M2R will be 0.3cps.
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