- Western Mines Group (WMG) completes the acquisition of its neighbouring ground to expand the Mulga Tank nickel-copper-platinum group element project
- The acquisition from Duketon Mining has now been finalised, following the payment of the consideration and 500,000 fully paid ordinary shares in the company
- Meanwhile, the ongoing moving loop electromagnetic survey at Mulga Tank has now been completed the southern sector of the intrusion, with the central sector also nearing completion
- Preparations for a drill program next year are underway, with a program of work application lodged
- Western Mines Group was up 3.03 per cent, trading at 17 cents by the end of the trading day
Western Mines Group (WMG) has completed the acquisition of its neighbouring ground to expand the Mulga Tank nickel-copper-platinum group element project.
The acquisition from Duketon Mining (DKM) has now been finalised, following the payment of the consideration and 500,000 fully paid ordinary shares in the company, plus 500,000 options, with an exercise price of 30 cents per share.
WMG has also granted Duketon one per cent of the net smelter royalties.
The acquisition expands WMG’s project area from 113 square kilometres to 395 square kilometres, covering approximately 37 kilometres strike and the majority of the under-explored Minigwal Greenstone Belt.
“This strategic acquisition transforms our flagship Mulga Tank project to ‘belt scale’ opportunity and gives WMG a great footprint across the under explored Minigwal Greenstone Belt,” Western Mines Managing Director, Caedmon Marriott, said.
Meanwhile, the ongoing moving loop electromagnetic survey at Mulga Tank has now been completed the southern sector of the intrusion. The central sector is also nearing completion, which is anticipated to be rounded off this month. As a result, initial drill targets were defined in the sector.
Preparations for a drill program next year are underway, with a program of work application lodged.
Western Mines Group was up 3.03 per cent, trading at 17 cents by the end of the trading day.