West Perth-based Altera Captial Ltd, formerly known as failed internet entity Bigshop.com.au Ltd, is turning its attention to base metals, signing a farm-in agreement with Nedlands-based ABM Resources NL.
West Perth-based Altera Captial Ltd, formerly known as failed internet entity Bigshop.com.au Ltd, is turning its attention to base metals, signing a farm-in agreement with Nedlands-based ABM Resources NL.
The agreement is conditional on Altera raising $2.5 million through a capital raising and having its shares re-instated within four months of signing the agreement.
In order to complete the capital raising the company plans to consolidate its issued capital, subject to shareholder approval, and to rename itself Altera Ltd.
Under the deal, Altera can acquire a 65 per cent stake in three metal licences held by ABM in the Gascoyne for the issue of 250,000 Altera shares and funding exploration on the sites to a cumulative total of $1 million.
The full text of an ABM announcement is pasted below
ABM Resources NL and Altera Capital Limited are pleased to announce they have signed a Joint Venture Agreement for Altera Capital to explore the base metal licenses M09/62, E09/1074 and E09/1266 ABM holds in the Gascoyne region.
The agreement is subject to Altera Capital completing a capital raising of at least $2.5 million and Altera Capital fully paid ordinary shares being released from suspension from trading on the official list of ASX.
Earn In Period
The Parties have agreed that, subject to satisfaction of the conditions contained in the Agreement, Altera Capital may acquire a 65% Participating Interest in the Mining Tenements by:
(i) issuing ABM Resources 250,000 fully paid ordinary shares in the capital of Altera Capital (Shares) on the Execution Date; and
(ii) sole funding Exploration on the Mining Tenements to a cumulative total of $1,000,000 (Expenditure Requirement) by the Expenditure Date.
The tenements cover 130 sub blocks (approximately 375 sq kms) an estimated 100 km north of Gascoyne Junction. The licenses cover high metamorphic grade sediments and granitoids of mid Proterozoic age. This region was explored in 2004 by BHP Billiton as part of a joint venture with ABM Resources NL.
BHP Billiton had discovered gahnite (a zinc spinel which is often a pathfinder mineral to Broken Hill type mineralisation) in numerous locations in the district. Follow up reconnaissance identified a few lead zinc copper anomalies in soil and rock chip samples of subsequent gravity survey anomaly to BHP Billiton's satisfaction and the joint venture was terminated.
In this last year ABM Resources NL completed a detailed (10 m spaced flight lines) airborne magnetometric survey over 140 sq km area of the project. Interpretations indicate a sequence of sediments and possible mafic volcanic rocks with minor granitoids intrusions. Also present are discrete but stratigraphically controlled anomalies some of which are nearby to some of the previously mentioned rock geochemical anomalies.
