The small-cap market is getting a new opportunity in the UK mining sector, with a new vehicle to be called Tamar Minerals plc.
Tamar will be focussed on tin and copper assets in Devon and Cornwall, with the company being the result of a proposed transaction between AQSE-quoted Tectonic Gold Plc (AQSE:TTAU) and Godolphin Exploration Limited.
A transaction announced of Friday sees Tectonic Gold acquire privately owned Goldolphin Exploration, in a share based deal valued at £3.66 million.
After the transaction, a 20:1 share consolidation, and, the renaming, Tamar Minerals is expected to start trading in mid-May.
The new company focus will be on the ‘Devon Great Consols’ and the ‘Great Wheal Vor’, which is an area host to historical mines with identified mineralisation.
Exploration work is planned at both sites targeting copper, tin, gold, and silver.
Leading the new company as chief executive will be Mark Thompson, currently Godolphin CEO, whilst the current Tectonic CEO Brett Boynton will be Tamar’s non-executive chair.
“The Tectonic team is very pleased after an extensive search to find such an exciting partnership opportunity, just as the tin market makes headlines for supply complications,” Boynton said, in a statement.
“With the progress on our Australian farm-out and successful divestment of the mineral sands interest, we are now focused on building a world-class critical minerals holding with the Godolphin team.”
Thompson, meanwhile, said: “We are pleased to be combining with Tectonic who share our vision for the potential of the company in South West England.
“Tamar Minerals will benefit from the existing assets in the enlarged group as we seek to progress our tin and copper interests which have considerable potential.”