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Blaze International Limited (ASX:BLZ) is in the business of mining and exploration of metals. It aims to discover and develop economic mineral deposits with the primary focus on Barkly Copper-Gold Project exploration, situated around 30 km east of the town of Tennant Creek. The company has 80% earnings interest in this project.
On 5th April 2019, the company disseminated three major announcements.
One is that it has appointed Mr. Simon Coxhell as a director (Non-Executive) of the board of the Company.
Second, the acquisition of new Leonora Gold project and the last one being entitlement issue of options and option Placement.
Mr. Simon Coxhell is a geologist having 30 years of diverse experience in resource and mining sector including resource development, exploration, metallurgical considerations and mining. Apart from this he also has gained corporate experience over the last 15 years in senior executive roles, getting exposure in the capital markets and fundraising.
He recently served Echo Resources as the CEO and lead through the exploration, resource definition, and PFS and BFS of the Julius and Bronzewing Gold Project which also included the takeover of Metaliko Resources. In the Blaze International, he will aim to progress the exploration at the Companyâs Kirkalocka Project and its proposed Leonora Project and improve the technical capacity of the board to enhance the Companyâs ability to generate value for shareholders from its current and future projects.
Leonora Gold project
The Leonora Gold project is located near Leonora Laverton tectonic zone of the Eastern Goldfields of Western Australia. It covers six tenements for a total of approximately 2,365 hectares which are located within a 30-kilometre radius of the multi-million-ounce Leonora Gold District. The site has been very strategically acquired in the last three years which is considered to be prospective for gold deposits. The site is known to have alluvial surface gold and the work programs to explore these prospective tenements are currently being assessed, with initial auger sampling followed by first pass drill testing planned.
Acquisition Details
The Leonora Gold project acquisition will take place through the settlement of an asset sale agreement executed today between the company and the registered holders of the tenements. The payable consideration comprises the issue of a total of 2,713,404 shares and the payment of $100,000 to the vendors. Blaze International has also agreed to pay a royalty of 2% of the net smelter return from three of the tenements to the Vendors. Still, the settlement is subject to completion of due diligence by the company and shareholder approval.
Entitlement issue of options
The company has proposed to conduct an entitlement offer of one option (exercisable at $0.05 on or before 31 March 2022) for every two Shares held by eligible shareholders at an issue price of $0.001. Apart from this, it is also proposing to complete placement of up to 92,499,998 New Options at an issue price of $0.001 per New Option to raise up to $92,500
The stock traded flat at A$0.020 as on 5th April 2019. The stock has given a negative return of 42.86% in the last six months while the YTD return stands negative at 28.5%.
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