- R3D Resources (R3D) plans to purchase the Beefwood project in Queensland, after negotiating a 50 per cent lower exercise price
- The company will be able to acquire the project for $192,500 in shares from Three Rivers Prospecting and Michael Thompson
- The move came after R3D identified seven priority targets from an independent review of the project
- Following the purchase, it is planning to conduct a HelitEM survey to prioritise drill targets
- Shares in the company were trading flat at 11.5 cents each at 1:00 pm AEST
R3D Resources (R3D) has planned to purchase the Beefwood project in Queensland, after negotiating a 50 per cent lower exercise price.
The company will be able to acquire the project for $192,500 in shares from Three Rivers Prospecting and Michael Thompson.
The move came after R3D identified seven priority targets from an independent review of the project.
The company believes the area is prospective for porphyry, epithermal, and intrusion-related mineralisation.
Managing Director Stephen Bartrop said he was excited to acquire the project.
“We are delighted to have consolidated the Bulimba – Beefwood project into one of the largest tenement positions in the Chillagoe region via the exercise of the Beefwood option,” he said.
The purchase is conditional upon the successful renewal of the exploration permit minerals (EPM).
However, the company has already made plans for exploration, with a HelitEM survey expected later in the year to prioritise drill targets.
Shares in the company were trading flat at 11.5 cents each at 1:00 pm AEST.