West Perth-based Shaw River Resources Ltd has picked up a majority interest in eight tenements that neighbour its Mt Minnie project in the Ashburton region of Western Australia.
In an announcement today, Shaw said it will acquire an 85 per cent interest in the tenements from Contact Uranium Ltd for the consideration of 2 million Shaw shares and 1 million, 20c five-year options.
Under the deal, Contact will retain a 15 per cent free carried interest in the tenements until a decision to mine, at which point it can elect to contribute to the project's development or sell the rights to Shaw.
"These acquisitions extend our Mt Minnie tenement holding by 370km2 to 2500km2," Shaw managing director Vincent Algar said.
"We consider the entire area as having excellent prospectivity for large scale mineral deposits. We will focus on manganese, iron ore and base metal exploration on the tenements.
"The acquisition complements our existing portfolio and builds upon Shaw
River's Manganese strategy." – WA Business News
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