High Grade Metals divests from WA vanadium play
Date: Aug 27, 2018
Surefire Resources NL (ASX:SRN) has signed a binding Agreement with High Grade Metals Limited (ASX:HGM), Mutual Holdings Pty Ltd and Acacia Mining Pty Ltd to purchase Exploration Licence 57/1036 at Victory Bore in the mid-west of Western Australia.
The Victory Bore Project is located 560 kilometres north-east of Perth and abuts the northern boundary of Surefire’s Unaly Hill project. The deposit is contained within the Atley Igneous Complex, a layered sequence of gabbros with magnetite rich layers enriched with vanadium and titanium.
The sale of the Western Australian project frees HGM to maximise its efforts and effectively deploy capital in developing the Austrian projects.
News of the divestment comes after HGM earlier this week announced its plans to refocus on its highly prospective Austrian assets.
Sale proceeds include $500,000 in cash, as well as other payments depending on SRN’s progress in terms of completing a prefeasibility study with an internal rate of return of more than 20%, as well as the announcement of a decision to mine.
However it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
