Gladiator Resources Limited (ASX: GLA) is situated in Melbourne and explores for mineral properties particularly in Australia and worldwide. The company holds interest in the North Arunta gold project, and the Marymia project located in Western Australia’s Murchison goldfield.
On 9th May 2019, the company informed the stakeholders that members of its executive have completed a in country visit to the Democratic Republic of Congo (DRC) to undertake an extensive due diligence of the Mpokoto Gold Project. This follows the company’s previous announcement that it had entered into a binding Heads of Agreement (HoA) with African Royalty Company Pty Ltd (ARC) to acquire a controlling 72% interest in the Project.
Under the term of the HoA, the company has also agreed to pay ARC some milestone considerations, including a non?refundable option fee of USD 25,000 on completion of legal due diligence, the issue of 80 million fully paid Ordinary Shares (FPOs) in the Company upon signing of formal agreements, the issue of 80 million FPOs on commencement of exploration activities and another 80 million FPOs upon renewal of exploration leases. Besides, on reporting a JORC Resource of minimum 1 million ounces at a grade of 1.25 g/tonne from 24.88 million tonnes and on the decision to mine, the company would issue 75 million FPOs after each development.
Gladiator Resource has appointed a legal firm based in Lubumbashi, DRC, and briefed on the Project. The firm would provide a detailed report on the current standing of all licences, the financial status of the DRC incorporated companies, which manage and hold the assets of the Project, the taxation climate within the DRC and the legal standing off all agreements and contracts for the Project including Royalty Agreements.
Moreover, the company observed that several exploration licenses encompassing the Project have expired. After a geological review, the company has also determined that the renewal of a certain number of the expired exploration licences could potentially expand the current resource and improve the economics of the Project. The work is underway to identify which licenses would warrant an application for renewal, including discussions with the Projects current Joint Venture partner, Kisenge Manganese.
Also, a new mining code that governs mining activities within the DRC region came into effect during March 2018, determining its impact on the Projects licences was an area of focus.
As per the quarterly activities report for the quarter ended March 31st, 2019, Gladiator released assay results for diamond drill core, and screen fire assay for selected RC samples from its Kroda prospect at the North Arunta project, a joint venture between the company and Prodigy Gold NL (ASX: PRX). Around five sub?parallel and possibly an echelon gold zones were identified. Moreover, Gladiator has also agreed to acquire a majority interest in the advanced Mpokoto Gold Project located ~ 430 km west of Lubumbashi in DRC.
Also, Gladiator closed the half-year ended 31st December 2018 with the net assets of around $799,904 including net Cash and cash equivalents of ~ $418,790.
With around 1.47 billion outstanding shares, the GLA stock price closed the market flat at AUD 0.001 with ~ 332k shares traded on Thursday, May 9th, 2019.
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