Energia Minerals (ASX:EMX) has monetised its Carley Bore Uranium Project in a A$15.8 million sale to producer Paladin Energy (ASX:PDN).
Energia will use the funds to expand the company's wholly-owned Gorno Zinc project, which is located at Lombardia, Italy.
Sale details:
A Binding Heads of Agreement has been entered between Energia and Paladin, with the sale consideration of 45 million Paladin shares plus A$1.6 million in cash.
The benefits for Paladin in buying the project are scalability, with its Manyingee Uranium Project neighbouring Carley Bore, which are both located in Western Australia.
Carley Bore currently hosts an Indicated and Inferred Resource of 15.6 million pounds at 310ppm U3O8.
Gorno Zinc now the focus
Energia will now focus on the Gorno Zinc project, located in a historical mining region in Northern Italy.
Since the 1890’s, 6 million tonnes of ore averaging 14.5% zinc have been mined.
The project has 'walk-up' underground drill targets. A refurbishment program is currently underway.
Upcoming catalysts
- Initial Resource Definition drilling program from new decline to commence in July and continue through to October.
- Resource calculation during December quarter.
- €3.4M exploration program to elevate Colonna Zorzone mineralization and extensions to JORC standard.
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