Blue Moon Metals has agreed to acquire full ownership of the Turner copper-gold volcanic massive sulphide (VMS) deposit from Gold Coast Mining.
The Turner site is located near O’Brien, Oregon, US, close to the California border.
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The agreement provides Blue Moon with approximately 634 acres of private land and 15 unpatented mining claims, contingent upon a 1.5% net smelter return (NSR) royalty, with no other encumbrances.
Under the terms set out between the two companies, Blue Moon will make a total cash payment of $4.7m (C$6.62m), which includes a $500,000 deposit upon announcement.
Gold Coast Mining will also receive 4,778,761 Blue Moon common shares with a total value of around $27m, to be issued in four equal tranches over a year following closure of the deal.
The transaction also involves additional cash milestone payments; $2m upon permitting for underground exploration and/or development; a further $2m once mining permits are granted; and $3m six months after commercial production begins.
Closing of the transaction is anticipated in November 2026. No finders’ fees are linked to the transaction.
Blue Moon CEO Christian Kargl-Simard said: “Through our screening of Western US critical metals projects, Turner clearly met our spoke requirements with potential scale, timeline and logistics to our Springer hub.
“There is a clear synergy with the Blue Moon Mine to unlock with nearby rail infrastructure. Turner has seen limited exploration, with the potential for a VMS camp, along with unquantified cobalt potential.”
Turner is a Cyprus-type deposit with copper, gold, zinc, silver and cobalt mineralisation.
The company plans to begin permitting for exploration drilling and underground development at Turner, and expects the process to last up to 18 months.
Last month, Blue Moon acquired 33 tungsten and antimony projects in the western US, situated near the company’s Springer complex.
