In a move to accelerate its Australian gold ambitions, Bastion Minerals has agreed to acquire the Ninnis Gold Project from Muskwood.
The acquisition is consistent with Bastion’s announced strategy to target early-stage Australian gold projects and expands its portfolio within a Tier 1 mining jurisdiction. The Ninnis Gold Project is an early-stage exploration site covering approximately 25 square kilometres, located roughly 70km west of Laverton and 6km north of Genesis Minerals’ Mount Morgans Gold Mining Centre.
The total consideration for the acquisition is $125,000 in Bastion shares and a 1.5 per cent net smelter royalty. This valuation is supported by an independent valuation report, which determined the project’s most likely value to be $125,000.
The deal is not yet final and remains subject to several key conditions, including a capital raise of at least $250,000, satisfactory due diligence and shareholder approval for the shares being issued.
“It’s pleasing that Bastion has secured this highly strategic mining lease in a pre-eminent part of WA’s Northern Goldfields region,” Bastion non-executive chairman Gavin Rutherford said.
“The acquisition of Muskwood and its Ninnis Gold Project signals Bastion’s expansion into Western Australian gold projects,” Rutherford continued. “With our existing expertise and technical capabilities, we plan to fast-track early-stage exploration at Ninnis towards making a significant gold discovery.”
