Cashed up explorer acquires private gold company
WELL-funded explorer Sovereign Gold will aquire unlisted company Gossan Hill and its several advanced gold prospects in NSW for $700,000. The three project areas within eight exploration licenses would provide Sovereign with an expanded exploration footprint in the state. Sovereign said the Gossan Hill prospects were centred on known gold occurrences – some with historic production – and contained more than 20 quality, untested targets. The acquisition price comprised $200,000 in cash and $500,000 in scrip (two million ordinary shares at $0.25 per share) which the company said “compares very favourably to recent peer transactions”. The newly acquired Hobbs deposit at Mt Adrah – which contains a JORC resource of 239,000oz grading 1.13 grams per tonne gold to a depth...