Marmota Ltd (ASX:MEU, OTC:MRMEF) is a step closer to completing the acquisition of Tyranna Resources Ltd (ASX:TYX, OTC:TYXXF)’s Jumbuck Gold Project, which is adjacent to the company’s ground in South Australia’s Gawler Craton.
Ministerial consent for the transfer of relevant tenements has been granted for the sale of the Jumbuck Gold Project to Marmota.
Settlement under the terms of the share and asset sale agreement is expected to occur by October 31, 2021.
Critical hurdle
Marmota chairman Dr Colin Rose said: “ We are very pleased that this critical hurdle has been achieved and look forward to the imminent settlement of the transaction.”
Both companies have agreed for Marmota to release $200,000 of the funds held in trust prior to settlement of the transaction.
The balance of $2.2 million, also held in trust, will be released, including $500,000 in MEU shares, upon completion of the sale of the Jumbuck Gold Project to Marmota.
More details about the tenement package and the Jumbuck Gold Project will be provided post-completion.
Doubles Gawler Craton exposure
The Jumbuck Project more than doubles Marmota’s Gawler Craton gold exposure from around 5,000 square kilometres to over 12,000 square kilometres in an area that Marmota has already demonstrated is highly prospective for gold mineralisation.