Alt Resources Ltd. said Sept. 29 that it will acquire the Chameleon gold deposit and associated tenements in Western Australia's Eastern Goldfields from Minotaur Exploration Ltd. unit Minotaur Gold Solutions Ltd.
The acquisition includes a JORC 2012 resource for the deposit, estimated at 1.1 million tonnes at 2.1 g/t of gold for 77,000 contained ounces in the inferred category, at a 1 g/t of gold cutoff. Chameleon is part of Minotaur's Scotia project.
The company will pay A$600,000 in cash and issue 2 million shares to the subsidiary at 10 Australian cents apiece for the acquisition.
The transaction cost relative to the in-ground gold resource, inclusive of the cash and share component, is calculated at A$10.28 per ounce, according to a statement.
The deposit has a substantial exploration upside with numerous drill-ready targets at Chameleon as well as nearby targets at the Komodo, Bluetongue and Thorny Devil prospects, the company added.
In late August, Alt Resources entered an agreement to earn up to an 80% interest in the Mount Roberts-Cottee gold project in Western Australia.