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Highlights:
Great Western Exploration (ASX:GTE) has entered into a binding agreement to sell the Yandal West Gold Project to Albion Resources (ASX:ALB).
The transaction is set to be completed in January 2025, subject to shareholder approval and other conditions.
Great Western will retain a significant shareholding in Albion, offering exposure to future exploration success at the Yandal West Project.
Great Western Exploration (ASX:GTE) has shifted its focus to its Yerrida North Project in Western Australia following a binding agreement to sell its Yandal West Gold Project to Albion Resources (ASX:ALB). The sale, expected to be completed in January 2025, is contingent on shareholder approval from Albion and the delivery of necessary deeds of assignment and assumption by Great Western.
As part of the transaction, Albion will issue Great Western 22.22 million shares at a price of $0.045 per share, valued at $1 million, along with 30 million performance rights related to the acquisition. Albion’s directors, who hold 18% of the company’s shares, have confirmed their support for the acquisition.
The Yandal West Gold Project is located in the Northeastern Goldfields Province of the Yilgarn Craton and covers 61 square kilometers. The project is adjacent to the Siona gold discovery made by Yandal Resources (ASX:YRL), which reported promising gold intercepts. Despite the prospectivity of Yandal West, Great Western’s Managing Director, Shane Pike, emphasized that the company’s primary focus will remain on the active exploration at its Yerrida North Project.
The Yerrida North Project is currently undergoing a detailed exploration program, which includes drilling at the Oval-South copper-gold target, the Sumo niobium target, and six volcanic-hosted massive sulphide targets. While the Yandal West Project holds significant exploration potential, it is not able to receive the attention it deserves due to the ongoing developments at Yerrida North.
Albion Resources, a base metal and gold exploration company, is eager to leverage the Yandal Belt’s potential, with several high-grade gold targets identified for exploration, including drill-ready targets such as the Barwidgee Fault. The company intends to initiate an aggressive exploration program upon completion of the acquisition in early 2025, aiming to generate ongoing news flow from the project.
Great Western’s strategic sale of the Yandal West Project allows the company to streamline its operations while retaining a stake in Albion, ensuring continued exposure to future exploration success.
