Silica sands explorer Perpetual Resources Limited (ASX:PEC) has entered into an Option Agreement to acquire Sargon North, which lies north of its uniquely positioned Sargon Project. The Sargon North option enhances PEC’s industrial sands project portfolio to tap the anticipated increase in raw materials demand driven by infrastructure and stimulus spending post COVID-19.
The acquisition of the Option concluded through a payment of a $500 option fee, with the eventual tenement acquisition to be completed through the reimbursement of $11.5k of prior expenditure.
A well -recognised source of construction sand materials, the expansion of the Sargon Project builds a critical mass and scale, enhancing PEC’s potential product offering for both domestic and international customers.
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