Arrow Minerals Limited (Segue Resources)
Arrow Minerals Limited (Segue Resources)
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West African-focused explorer Arrow Minerals is launching an ambitious growth strategy with binding agreement to acquire up to 60.5% in the Simandou North iron project in Guinea via the issue of 500M shares, $1M in cash/shares and $2.5M on exploration expenditure.
Canadian-based Roxgold has widened its interests in Burkina Faso with the execution of a 70% earn-in agreement over Arrow Minerals’ Hounde South project in the country’s southwest.
Roxgold can earn its interest by spending $US0.6M over 2 years, then a further $0.4M in the following 2 years to earn its interest.
Hounde South adjoins Roxgold’s Boussara permit and historical exploration demonstrates the potential for gold mineralisation traversing both permits.
Australian explorer Arrow Minerals is targeting a new direction after its recent sale of its WA gold holdings, reaching agreement to acquire a portfolio of 6 exploration projects in Burkina Faso.
Arrow has reached a binding agreement to acquire 100% of privately owned Boromo Gold by the issue of 10 of its shares and performing rights for each Boromo performing right.
Well funded Canada-based Pacton Gold has further extended its gold holdings in Western Australia’s northern Pilbara region, better known for its iron ore, with a binding LoI for 100% of the Tardarinna Gold Project for 1.25M of its shares.
The company says up to 328g/t Au has been reported by historical surface samples within a high-grade, shear-hosted gold zone, along with shallow eluvial gold workings outlining large gold target locations.
Canadian-based Pacton Gold has done a deal to buy Western Australia-based Arrow Minerals’ remaining 49% stake in the Pilbara Gold Project in WA for $C1M cash and 2M Pacton shares, having already bought the other 51% in May 2018 for $500,000 cash and $250,000 worth of shares with 1-for-1 attaching warrants.
Following completion of the latest transaction, Arrow will own 3.08M shares and 1.08M warrants with a market value of $1.8M and giving Arrow a 3.3% stake in Pacton.
Canadian explorer Pacton Gold has lifted its stake in the Pilbara conglomerate-hosted gold rush in N Western Australia with a LoI to buy Marindi Metals’ Bellary Dome Conglomerate Gold Project for an initial upfront $C2M cash and a 10.1M share, 9.9% stake in $C70M market cap Pacton.
Subsequent milestone payments worth $2M of Pacton shares are payable on deal completion, along with an anti-dilution right on capital raisings up to $10M allowing Marindi to maintain its 9.9% at no cost.
Pacton Gold is expanding its stake in Western Australia’s new Pilbara gold conglomerate region buying Marindi Metal’s project for cash and 10% of Pacton
Arrow Minerals has finalised agreements worth up to $C7M+ for Canadian-based Pacton Gold to buy up to 80% and J/V its 609sq km Pilbara Gold Project in N Western Australia.
Arrow Minerals has raised $A5.2M via a Fraser Range nickel J/V in Western Australia with Independence Group (IGO), which has also taken an 11% stake in Arrow, and an over-subscribed equity placement.
Segue has attracted international miner MMG as a partner in its Plumridge nickel project in Western Australia’s exciting Fraser Range province.
MD Steven Michael says MMG has the financial and technical resources to lead the search for a world-class nickel deposit. It can earn 70% interest in 8 exploration tenements covering 2,250sq km by spending $A14M, while Segue retains 100% ownership of 3 tenements.