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- C29 Metals has received indicative approval for the transfer of exploration license EPM19483 to the company, by the Queensland Governments Department of Resources.
- Mayfield Project represents an excellent potential for copper mineralisation as 80% of the tenure is covered under thin alluvial cover.
- C29 to commence exploration activities soon on the project with geophysical surveys planned for this year.
- Shares of C29 surged more than 15% on the back of regulatory approval for the deal.
The ASX-listed copper explorer C29 Metals Limited (ASX:C29) announced the completion of the acquisition of the highly prospective Mayfield Copper-Gold Project located in Queensland. The Department of Resources of the Queensland Government has provided its indicative approval for the transfer of the licence EPM19483 to C29 Metals.
On back of this news C29 shares zoomed up 15.4% to AU$0.15 apiece during the early hours of trade despite the broader index S&P 200 trading in the red zone.
Mayfield acquisition deal
On 21 February 2022, C29 announced its intention to acquire Mayfield Project. The deal was negotiated for a cash consideration of AU$210,000 and issue of 1,558,963 ordinary shares at a price of AU$0.157 per share.
C29 reported that it has completed all requirements for the settlement of the deal.
Image source: © 2022 Kalkine Media® (Data source: C29 update, 31 August 2022)
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