Minerals 260 has inked a binding agreement to sell its Aston project to Delta Lithium.
The sale of Aston, located in Western Australia’s Gascoyne region, will allow Minerals 260 to sharpen its focus on the Bullabulling gold project near Coolgardie.
Delta is set to pay $450,000 in cash on completion of the transaction.
Minerals 260 will retain a 1.5 per cent net smelter royalty on all lithium products from the Aston area, giving shareholders long-term exposure to any future lithium upside at the project.
In January, Minerals 260 secured the Bullabulling gold project in WA through a $166.5 million acquisition.
The Bullabulling project hosts a 60-million-tonne resource at 1.2 grams per tonne for a total of 2.3 million ounces (Moz) of gold, making it a significant open-pit opportunity and one of the country’s largest undeveloped gold assets.
At the time, Minerals 260 managing director Luke McFadyen said the acquisition marked a major step forward for the company and its shareholders.
“This is an outstanding and transformational acquisition for Minerals 260 and our shareholders,” McFadyen said.
“The opportunity for us now is to develop a large-scale open-pit gold mine located in the heart of Western Australia’s eastern Goldfields, putting us on a clear trajectory to becoming a leading mid-tier ASX gold producer.”
Minerals 260 acquired the project from Norton Gold Fields, a Zijin Mining Group subsidiary. Bullabulling comes with advanced technical studies and over 530,000m of drilling completed across approximately 12,000 drill holes.