Byrah Resources has reported that it had exercised its option with Toronto-listed Globex Mining to acquire 100% of the Golden Pike gold and antimony project in New Brunswick, Canada.
The move follows a comprehensive due diligence process that considered technical, legal and commercial aspects of the project, concluding that the project presented a compelling opportunity to deliver value.
Golden Pike has an inferred resource of 214.8-million tonnes at 9.4 g/t gold.
“The strength of gold and antimony prices continues to support quality projects. We are excited to explore the additional opportunities that the project presents to Bryah,” commented Byrah CEO Greg Hill.
On execution of a formal contract Globex will receive C$280 000 as a combination of cash and Bryah fully paid ordinary shares, to be determined at Bryah’s election. The shares will be issued based on the five-day volume-weighted average price prior to the date of issue and the CAD:AUD exchange rate at the date of issue.
The formal sale contract is expected to be executed within the next seven days