Join our daily newsletter At The Bell to receive exclusive market insights
- Bulletin Resources (BNR) and Matsa Resources (MAT) have sold a portion of the Lake Rebecca gold project to Apollo Consolidated (AOP) for $5.6 million
- The portion that has been sold was a 400-metre wide, 1.35-square-kilometre strip that adds significant value to AOP’s portfolio
- The $5.6 million purchase price will consist of both cash and shares with Bulletin and Matsa to split the consideration
- Bulletin has also announced its aircore drilling program was completed on time and on budget with results expected in the coming weeks
- Bulletin has ended the day 7.59 per cent in the green with shares trading at 8.5 cents
Bulletin Resources (BNR) and Matsa Resources (MAT) have sold a portion of the Lake Rebecca gold project to Apollo Consolidated (AOP) for $5.6 million.
Lake Rebecca lies 50 kilometres northeast of Kalgoorlie in Western Australia and lies along strike from Apollo’s Rebecca gold project.
It is held in a joint venture, with 80 per cent owned by Bulletin and the remaining 20 per cent by Matsa.
The portion that has been sold was a 400-metre wide, 1.35-square-kilometre strip that adds significant value to AOP’s portfolio.
The $5.6 million consists of 10.75 million Apollo shares, which the announcement has valued at 31.5 cents, and $250,000 in cash upon the satisfaction of certain conditions.
On Apollo’s election, either $1 million in cash or $1 million worth of shares will be payable on the earlier of the granting of a mining lease or 24 months from signing.
Finally, a further $1 million in cash or shares will be payable from a decision to mine or 48 months from signing.
Bulletin and Matsa will split the consideration in a proportion of their holdings with BNR to receive more.
“The sale of this small area of the BNR/MAT joint venture ground to Apollo provides a ‘win-win’ situation for both parties,” Bulletin and Matsa Chairman Paul Poli said.
“Apollo can get on with progressing development of their Rebecca gold project without tenement boundary restrictions and BNR/MAT can continue to exploit the exploration potential of its ground now having illustrated value,” he added.
Bulletin has also announced its aircore drilling program was completed on time and on budget.
Samples have been submitted to the laboratory in Kalgoorlie for analysis and results are expected in the coming weeks.
Bulletin has ended the day 7.59 per cent in the green with shares trading at 8.5 cents in a $14.16 million market cap.
