Aus Tin Mining (ASX:ANW) - Resigning CEO, Peter Williams
Resigning CEO, Peter Williams
Source: Hot Copper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aus Tin Mining (ANW) has signed a farm-in agreement for three exploration licenses in the Lachlan Fold Belt in New South Wales
  • The agreement is with Lachlan Copper, a company that is associated with Aus Tin’s third-largest shareholder, Australian Mineral Investments
  • In upfront payments, Aus Tin will issue Lachlan Copper $50,000 worth of shares and pay $50,000 in cash
  • Additionally, for the company to earn a 51 per cent interest in the projects, it will need to spend $500,000 on the projects over two years
  • Aus Tin could earn an extra 29 per cent for a further $5 million
  • Both companies are looking to finalise the formal documents and commence work before the end of the month
  • Aus Tin remains steady on the market today, trading for 0.1¢ per share

Aus Tin Mining (ANW) has signed a farm-in agreement for three exploration licenses in the Lachlan Fold Belt in New South Wales.

The agreement is with Lachlan Copper, a company that is associated with Aus Tin’s third-largest shareholder, Australian Mineral Investments.

In upfront payments, Aus Tin will issue Lachlan Copper $50,000 worth of shares and pay $50,000 in cash.

To earn 51 per cent interest in the projects, the company will spend $500,000 over two years and could earn an extra 29 per cent for $5 million.

Both companies are looking to finalise the formal documents and commence work before the end of the month.

The Lachlan Fold Belt has seen some success from Alkane Resources, Sky Metals and Magmatic Resources.

CEO Peter Williams is pleased with the farm-in terms and is looking forward to the future of the Lachlan Fold Belt.

“The company will seek to leverage its expertise in obtaining regulatory approvals at Taronga in northern NSW to secure land access as soon as possible and utilise a similar exploration model successfully deployed at Mt Cobalt in Queensland to initially explore a copper porphyry target at Narrallen that is untested by drilling or modern exploration techniques,” he said.

Aus Tin remains steady on the market today, trading for 0.1¢ per share at 2:11 pm AEST.

ANW by the numbers
More From The Market Herald
The Market Herald Video

" Renascor Resources (ASX:RNU) upgrades Siviour MRE

Renascor Resources (ASX:RNU) has upgraded the mineral resource estimate for its Siviour graphite deposit in South…
The Market Herald Video

" Gold Road Resources (ASX:GOR) to snap up further interest in De Grey (ASX:DEG)

Gold Road Resources (ASX:GOR) agrees to snap up further interest in De Grey Mining (ASX:DEG) shares.
The Market Herald Video

" Dateline Resources (ASX:DTR) eyes $6.25m for Colosseum

Dateline Resources (ASX:DTR) has received firm commitments to raise $6.25 million via a share placement.
The Market Herald Video

" Mt Monger Resources (ASX:MTM) intersects broad REE mineralisation at Pt Kidman

Mt Monger Resources (ASX:MTM) has intersected broad rare earth element (REE) mineralisation at the Pt Kidman…