- Twenty Seven Co (TSC) has signed a binding terms sheet with Revolution Mining to acquire two more exploration licences near the Yarbu Project in WA
- Acquiring these tenements will almost double the size of the project to around 223 square kilometres
- The tenements also significantly extend the strike length of the prospective Clampton Fault from about five kilometres to 22 kilometres
- The companies are aiming to negotiate and execute a share sale agreement within the next 30 days
- Once this is complete, TSC will issue Revolution $40,000 worth of shares
- Company shares are trading down 8.33 per cent at 0.6 cents
Twenty Seven Co (TSC) has signed a binding terms sheet with Revolution Mining to acquire two more exploration licences near the Yarbu Project in WA.
The Yarbu Project is located around 80 kilometres northwest of the company’s Mt Dimer mining lease and near Ramelius Resources’ (RMS) 280,000-ounce Marda Gold Project.
Acquiring the two tenements will almost double the size of the Yarbu Project to around 223 square kilometres.
The tenements also significantly extend the strike length of the Clampton Fault, which is prospective for shear-hosted gold, from about five kilometres to 22 kilometres.
“This is an exciting development as the Clampton Fault is associated with significant gold mineralisation along strike from the Yarbu Gold Project which is largely under-explored,” CEO Ian Warland said.
Despite the presence of large gold soil anomalies and promising historical drill results nearby, the new tenements haven’t been drill tested.
The company is conducting a data review over the new ground and once due diligence and a sale purchase agreement (SPA) has been completed, TSC aims to conduct field work in the new year.
“Moving forward, TSC is excited about developing the enlarged Yarbu Gold Project, with initial programs to investigate historical gold anomalies and exploring untested portions of the Clampton Fault,” Ian said.
Twenty Seven Co and Revolution Mining are aiming to negotiate and execute the SPA within the next 30 days.
Initially, TSC will issue Revolution $40,000 worth of fully paid ordinary shares.
Then, within seven days of the company announcing an inferred resource of at least 50,000 ounces of gold within the tenements, it will pay Revolution $250,000.
Additionally, it will pay Revolution $5 for every ounce over 50,000, but this term is capped at 100,000 ounces.
Company shares are trading down 8.33 per cent at 0.6 cents at 12:48 pm AEDT.