Pelican Resources has swooped in to snap up exploration company XXXX Gold, which holds a tidy portfolio of copper and gold projects in North and Central Queensland.
It comes just a week after settlement on XXXX Gold’s acquisition of the Triumph gold project, 50km south of Gladstone, from Metal Bank for a potential $6.4 million plus 1 per cent royalties.
The XXXX Gold assets also include the Investigator copper project just 12km south of the Mount Gordon (Capricorn Copper) mine in North West Queensland and the Hodgkinson gold-copper project 100km north-east of Cairns.
“The acquisition of XXXX Gold represents an exciting advanced exploration opportunity with particularly exciting exploration upside potential,” Pelican executive director Anthony Torresan said.
“The work done to date has outlined a significant mineralised system at Triumph, where shallow near-surface exploration has the potential to delineate shallow high-grade JORC Resources.
“We are please to have secured the XXX Gold management team, who possess extensive mining and exploration experience and have been instrumental in the success of numerous ASX-listed companies including Silver Lake Resources, Black Cat Syndicate and Spectrum Metals.”
The XXXX Gold acquisition is targeted for completion in November and will include the issue of 88 million Pelican Shares, 40 million options over Pelican Shares and up to 100 million Pelican Shares based on achievement of JORC Resource milestones.
The deal is subject to shareholder approval.