Australasian Metals (ASX:A8G) announces extension of Dingo Hole HPQ Option Agreement

October 18, 2024 10:46 AM AEDT | By Sonal Goyal

Australasian Metals (ASX:A8G) announces extension of Dingo Hole HPQ Option Agreement — Image source: Company update

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Highlights

A8G has secured a six-month extension of the Dingo Hole HPQ option agreement, now set to expire on 17 April 2025.

This extension, for an additional cash option fee of AU$30,000, allows for the completion of further processing testwork.

A8G, through its subsidiary Pure Mining Pty Ltd, retains the exclusive option to acquire the Dingo Hole HPQ Project during this period.

Australasian Metals Limited (ASX:A8G) has secured a six-month extension of the Dingo Hole HPQ option agreement with Verdant Minerals Limited for a further cash option fee of AU$30,000. Originally set to expire on 17 October 2024, the agreement has been extended to 17 April 2025.

Through its subsidiary, Pure Mining Pty Ltd, A8G entered into an agreement with Verdant Minerals to acquire the Dingo Hole HPQ Project located in the Northern Territory.

The revised transaction terms include-

AU$30,000 option fee grants A8G the exclusive right to acquire Dingo Hole until 17 April 2025 (Option Period).
During this period, A8G may exercise the option by making an additional cash payment of AU$270,000 to Verdant, resulting in 100% ownership of the project.

About Dingo Hole HPQ Project

The acquisition of the Dingo Hole Project (EL31078) positioned A8G to benefit from the rapidly growing high purity quartz (HPQ) sector. The project features significant outcropping silica mineralisation with road access throughout the area. Historical data revealed that more than 30 surface samples have reported SiO₂ levels exceeding 99.94%, requiring minimal sample preparation before assay.

A8G shares traded at AU$0.12 apiece on 16 October 2024.

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