Auroch Minerals Ltd. said March 6 that it signed binding agreements to acquire a 90% interest in the Arden zinc project and 100% of the Bonaventura zinc project, both in South Australia.
The Arden project tenement covers an area of 710 square kilometers, while the Bonaventura project covers an area of 234 square kilometers.
Under the deal, the miner will issue 8.3 million shares as payment for the tenements, plus reimburse costs of A$150,000. In addition, Auroch agreed to issue up to 11 million shares upon meeting certain milestones based on the projects' resource estimates.
The completion of the acquisition is subject to due diligence proceedings, to be completed by April 6, and meeting requisite shareholder and regulatory approvals.
