- Silver City Minerals (SCI) completes the acquisition for an 80 per cent interest in the Austin Gold Project from Gardner Mining
- To acquire the 80 per cent interest, Silver City issued 300 million fully-paid ordinary shares at 1.5 cents
- As a result, Darren White was appointed to the board as Non-Executive Director, effective July 23, 2021
- The company is now set to begin a significant exploration program to follow up on previous work with diamond drilling planned to start in August
- Silver City has ended the day 6.25 per cent in the red with shares trading at three cents
Silver City Minerals (SCI) has completed the acquisition for an 80 per cent interest in the Austin Gold Project from Gardner Mining.
The Austin Gold Project is located in the highly prospective Murchison greenstone province of Western Australia, directly adjacent to Musgrave Minerals’ (MGV) Cue Gold Project.
In early April, Silver City saw its share price spike 55 per cent after announcing it would be acquiring a stake in the tenement.
The company revealed it would be issuing 300 million fully-paid ordinary shares at 1.5 cents to acquire the 80 per cent interest.
Silver City and Gardner Mining have now formed an incorporated joint venture to undertake exploration and development over the project.
As a result of the acquisition, Darren White was appointed to the board as Non-Executive Director, effective July 23, 2021.
Silver City is now set to begin a significant exploration program to follow up on previous work which intercepted up to 15.8 grams of gold per tonne (g/t) from drilling and identified visible gold in surface veins grading up to 1109g/t gold.
Diamond drilling is scheduled to begin in August with reverse circulation and aircore rigs secured for September and October.
“Successful settlement completion of the transformational Austin Gold Project along with the appointment of Mr Darren White to the board represents a significant step towards advancing Silver City’s gold exploration portfolio and creating shareholder value,” Me Cheema said.
“The company is well positioned and funded to generate value commencing with the exciting maiden drill program on the project in August.”
Silver City has also completed a placement of 100 million follow on public offer (FPO) shares at 1.5 cents to raise $1.5 million.
Silver City has ended the day 6.25 per cent in the red with shares trading at three cents in a $17.95 million market cap.