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Traka to consolidate ownership of Gorge Creek base metals project

Cobalt QLD Pty. Ltd. agreed to sell its remaining 45.6% equity in the Gorge Creek base metals project in Queensland, Australia, to joint venture partner Traka Resources Ltd.

Traka will issue 30 million shares for the stake at a price of 1.3 Australian cents apiece, valuing the transaction at A$390,000.

Traka said Sept. 4 that the consolidation is expected to attract future exploration funding and potential third-party joint venture partners.

The company secured an initial 51% interest in the Gorge Creek project in late 2017.