trending Market Intelligence /marketintelligence/en/news-insights/trending/9-D80telX4-3yw27WJXQdw2 content esgSubNav
In This List

Blina Minerals to acquire 50% stake in Australian gold-copper project

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Blina Minerals to acquire 50% stake in Australian gold-copper project

Blina Minerals NL is looking to acquire a 50% interest in Colour Minerals Pty. Ltd., which owns the Barkly gold-copper project in Australia's Northern Territory.

The company said Sept. 24 that it executed a legally binding heads of agreement to purchase the stake for A$645,750 by issuing 861.0 million shares at 0.075 Australian cents per share.

Blina is also required to spend A$300,000 on exploration and drilling on the tenements within six months of the acquisition, and will receive the right to appoint a nominee to Colour's board.

The Barkly project hosts the 1.6-kilometer long Bluebird prospect, where recent drilling intersected significant gold-copper-bismuth mineralization.

The company said it intends to complete further drilling to estimate a JORC-compliant mineral resource and develop a mining project at Bluebird, and is planning a drilling program of about 2,200 meters.

The next phase of drilling will aim to extend the Bluebird mineralization to the east, west and at depth, the company noted.