- Ragusa Minerals (RAS) agrees to purchase the Monte Cristo Gold Project in Alaska and the Burracoppin Project in Western Australia
- Monte Cristo includes four historical prospects and 500 granted tenements, while the Burracoppin Project is adjacent to Lantin Resource’s (LRS) Noombenberry Project
- To pay for the projects, Ragusa aims to raise $400,000 through a placement, offering 6 million shares at 6.5 cents each
- However, the purchases and capital raise are subject to shareholder approval
- On the market, Ragusa is up 19.1 per cent and is trading at 8.1 cents per share
Ragusa Minerals (RAS) has agreed to purchase Stradun Australia and the Burracoppin Halloysite Project from Iridium Resources and Carlo Puca, respectively.
Stradun owns the Monte Cristo Gold Project in Alaska, while Carl Puca’s Burracoppin Project is located in Western Australia.
Monte neighbours multi-million-ounce gold projects owned by Nova Minerals (NVA) and GoldMining. The project includes four historical prospects and 500 granted tenements.
The Burracoppin Project is located 300 kilometres east of Perth and adjacent to Lantin Resource’s (LRS) Noombenberry Project.
To pay for the projects, Ragusa aims to raise $400,000 through a placement. The capital raise will see over six million shares issued at 6.5 cents each.
However, the purchases and capital raise are subject to shareholder approval.
“The proposed acquisitions will diversify Ragusa’s global footprint and provide an opportunity to utilise our exploration and development experience to rapidly progress both projects, given their prime positions adjacent to major
gold and halloysite projects in Tier 1 jurisdictions,” Chairperson Jerko Zuvela said.
“The Monte Cristo Gold Project will target areas near the multi-million-ounce gold deposits discovered by Nova Minerals Ltd and Gold Mining Inc, whilst the Burracoppin Halloysite Project will target the strike extensions of the recently discovered Cloud Nine halloysite kaolin deposit of Latin Resources.”
On the market, Ragusa is up 19.1 per cent and is trading at 8.1 cents per share at 12:33 pm AEST.