County International (ASX:CCJ) to focus on opportunities in NSW

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County International (ASX:CCJ) to focus on opportunities in NSW

County International, Polymet Pty Ltd, acquisition, Australis Aurum Pty Ltd, Cornfields Pty Ltd, Sapphire Resources Pty Ltd and Lachlan Copper Pty Ltd, the Lachlan Fold Belt
Image source: © BCritchley | Megapixl.com

Highlights

  • County International focuses its attention on exploration opportunities in NSW.
  • Earlier, County had acquired 100% of shares in Polymet Pty Ltd.
  • County had also struck a deal to acquire four companies Australis Aurum, Cornfields, Sapphire Resources and Lachlan Copper.

ASX-listed Australian company focused on converting the coal and coal fines to synthetic fuels or other products, County International Limited (ASX:CCJ) shared on Wednesday that the company has focused its attention on opportunities in NSW. Today, the company provided a project update on activities undertaken during the quarter. 

Last year, the company had announced that it had struck a deal to acquire all the shares in Polymet Pty Ltd. Polymet owns two exploration tenements and an initial 51% of four companies (the ‘Copper/Gold Group”) that together hold nine exploration tenements. 

Today, the company informed that all the exploration tenements being acquired by the company are located in the Lachlan Fold Belt, a well-recognised, highly mineralised zone commencing around Cobar in northern NSW and stretching up to 700km wide southwards to central Victoria. 

Today’s announcement also revealed:

  • County has established Lachlan Copper and Gold Pty Ltd as a wholly-owned subsidiary to purchase the Copper/Gold Group. The Copper/Gold Group comprises four private companies that hold nine tenements; five focused on gold exploration and four on copper exploration. The five tenements focused on gold exploration are situated in South-Eastern NSW and North-Eastern Victoria.
  • Together with neighbouring owners of its Wyoming coal assets, County has continued discussions with a potential partner to commercialise the collective coal assets by converting the coal and coal fines to synthetic fuels or gasification.

Bottom Line:

The recent acquisition by the company shows that County is marching towards copper and gold exploration as the owner of seven gold-related & four copper-related exploration tenements in the Lachlan Fold Belt.

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