Polymetals Mining has sold its Boorara gold project near Kalgoorlie to MacPhersons Reward Gold in a scrip and cash deal worth around $3 million.
The sale comprises a $50,000 deposit payable within seven business days, $2.45 million in cash and $500,000 worth of MacPhersons shares.
The Boorara project, located adjacent to Barrick Gold’s Superpit operation, covers 33 square kilometres with a JORC classified resource of 84,600 ounces of gold.
Polymetals said the funds would be used to advance exploration at its Drew Hill and Canbelego projects.
The transaction remains subject to due diligence.
At close of trade today MacPhersons stock had gained half a cent, to trade at 30 cents, while Polymetals was steady at 65 cents.
