Heron Resources Ltd. said Oct. 9 that it agreed to divest an 80% stake in two project areas covered by three tenements, part of its Woodlawn zinc-copper project in New South Wales, Australia, to Sky Metals Ltd.
The agreement, which covers the Cullarin and Kangiara areas, calls for Sky to incur total expenses of A$2.0 million over three years, including A$400,000 in the first year, to earn the 80% stake. Heron will be free carried until a definitive feasibility study is completed or a total A$10 million expenditure is made.
Heron's sale was part of its strategy to focus on production at Woodlawn and near-mine exploration, while generating value from its noncore assets.
