Bass Metals Ltd. terminated a previously agreed terms sheet to sell all of its tenements and mining-related interests in Tasmania, Australia, to NQ Minerals Plc, by mutual consent.
The transaction was first announced in May 2017.
Bass is now in the process of appointing advisers to run a formal sale process with interested parties, it said June 1.
The company's permitted Fossey and Que River zinc projects provide a near-term supply response via a potential restart of operations.
The divestment also includes a large area of exploration assets.
