Geo Exploration Limited (LSE:GEO) shares traded up in Tuesday morning's exchanges, after it announced it had acquired the Gorge Project (E08/3737) in Western Australia, expanding its portfolio of highly prospective gold assets.
The 81km² licence lies 110km west of Paraburdoo and includes historic gold mineralisation results of up to 134 grams per tonne from surface rock samples.
The deal, valued at A$500,000, will be paid A$100,000 in cash and A$400,000 in shares (issued at 0.4p each), which prior to today's trade valued GEO at a 25% premium.
“We're thrilled to announce the acquisition of the Gorge Project, a highly prospective licence in Western Australia that immediately strengthens GEO's discovery pipeline,” said chief executive Omar Ahmad.
Callum Baxter, GEO's technical consultant, meanwhile, added that the project presents a “high-quality, early-stage exploration opportunity.”
In London, GEO shares were up around 10% changing hands at 0.34p.