Australian miner Minerals 260 has entered into a binding option agreement with Belararox to acquire its Bullabulling gold project in Western Australia.
The agreement grants Minerals 260 an exclusive option to acquire Belararox’s Coolgardie tenement package, which includes 26 tenements within the Eastern Goldfields.
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Under the terms of the agreement, Minerals 260 will pay A$150,000 upon execution of the agreement and has the discretion to exercise the option to acquire the tenements within two years for A$600,000.
Minerals 260 will assume all responsibilities for the tenements, including management obligations and funding all work programmes and exploration commitments during the option period.
The tenements involved in the agreement are highly prospective for gold and lithium discoveries.
This deal provides Minerals 260 with the opportunity to consolidate the region and conduct exploration aimed at making significant discoveries.
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By GlobalDataIn April this year, Minerals 260 raised capital before costs of $220m to acquire and develop the Bullabulling gold project.
The transaction aligns with Belararox’s focus on advancing its Toro-Malambo-Tambo (TMT) copper project in Argentina and the Kalahari Copperbelt project in Botswana by decreasing its holding costs in Australia.
Belararox managing director Arvind Misra said: “We are very pleased to have executed an option agreement with Minerals 260, a new player in the exciting and prospective Eastern Goldfields, for the acquisition of Belararox’s Bullabulling Project Tenements.
“The option agreement will enable the early development of the Bullabulling Tenements, reduce BRX’s costs in Australia and enable BRX to concentrate on its primary project, the exciting TMT copper project in Argentina, as well as its recently acquired strategic interests in Botswana.”
The TMT project, located in Argentina’s San Juan Province, is an unexplored area between the highly mineralised El Indo and Maricunga Metallogenic Belts.
Additionally, Belararox has acquired several prospective exploration licences in the Kalahari Copperbelt region. These licences are in proximity to successful exploration and mining activities by companies such as Sandfire, MMG and Cobre.
Belararox also holds a 100% interest in the 643km² Belara Project in the Lachlan Fold Belt of New South Wales (NSW).
The project, consisting of three exploration licences, is situated between Wellington and Mudgee in central-Western NSW, offering good road access and infrastructure.
