Hastings heads down multi-commodity road with WA gold grab
Hastings has signed a binding agreement to acquire all the shares in private firm Great Western Gold, which has an option and agreements to scoop up interests in the Whiteheads gold project held by several ASX-listed companies.
The tenement package comprises 14 licences across 380 square kilometres, 80km northeast of Kalgoorlie, and will amalgamate and consolidate leases in an overlooked Goldfields area crying out for new managers to throw time and funding its way.
Hastings will acquire the Whiteheads package via Great Western Gold's option to purchase a 75 per cent stake in nine exploration licences and a prospecting licence held by Great Boulder Resources. These licences are held in joint venture with private company Zebina Minerals.
Great Western Gold has also reached an agreement to grab three remaining exploration licences and one mining lease from a mix of interests held by Great Boulder, Mithril Resources and Aberdeen Mining. Hastings will hold all of the three licences and the lease.
'This acquisition is the next step in Hastings' growth trajectory.'
Hastings Technology Metals executive chairman Charles Lew
Hastings will be able to lay its hands on a significant volume of historic data to instigate an extensive and systematic exploration program to outline a maiden JORC resource at Whiteheads. The company anticipates the estimate will be reveal-ready later this year.
Andrew Forrest's Wyloo recently struck a deal with Hastings, in which Wyloo will pick up 60 per cent of Hastings' imposing Yangibana rare earths project, which also contains the coveted mineral niobium. Yangibana is 270km east-northeast of Carnarvon in WA's Gascoyne region.
Hastings Technology Metals executive chairman Charles Lew said: 'This acquisition is the next step in Hastings' growth trajectory following the successful creation of the Yangibana joint venture in partnership with Wyloo. The Whiteheads project provides Hastings with a low-cost entry to a well-understood gold exploration opportunity with significant upside potential.'
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