Home / OZZ Resources acquires 'highly prospective' Leonora project in tier one gold district

OZZ Resources acquires 'highly prospective' Leonora project in tier one gold district

smallcaps.com.au
2 min read
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After joining ASX ranks in July, OZZ Resources (ASX: OZZ) has already debuted a maiden resource for its Maguires gold project and revealed today it had
scooped up the "highly prospective" Leonora project – expanding its footprint in a well-known Western Australian "tier one" gold district.

The company is acquiring the Pinnacle Well project which covers 95 square kilometres and is less than 30km north of the town of Leonora and 12km to the east of its existing Mt Davis asset.

OZZ managing director Jonathan Lea said he was excited by the potential at Pinnacle Well, which he believes could host gold and base metal minerals.

Acquisition terms

As part of the acquisition arrangement, OZZ will pay the vendor $75,000 in cash and issue a further 750,000 in shares as part of the settlement.

OZZ can earn a 75% stake in Pinnacle Well by spending $750,000 on exploration over 2.5 years. Following OZZ's earn in,…
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