Sabre Resources to sell Ninghan Gold Project to Capricorn Metals for $1.6m

Sabre Resources has signed an statement with Capricorn Metals for the merchantability of its Ninghan Gold Project for a full information of $1.6m (A$2.5m).

The woody besides includes royalties and imaginable milestone payments that could summation the full worth for Sabre.

The Ninghan Gold Project spans astir 77km² successful the confederate Murchison Region of Western Australia, 20km north-north-east of Capricorn's Mt Gibson Gold Project. It is considered highly prospective for golden mineralisation.

Capricorn has identified 7 exploration targets wrong the task tenure, underscoring the strategical value of this acquisition.

Under the presumption of the agreement, Capricorn has already paid an archetypal currency deposit of $100,000.

The remaining equilibrium volition beryllium settled done the issuance of Capricorn shares, calculated based connected the 20-day volume-weighted mean terms of Capricorn shares earlier the deal's completion, expected successful May 2025.

The acquisition depends connected the palmy completion of owed diligence by Capricorn.

Sabre Resources CEO Jon Dugdale said: “Sabre is delighted to person secured this statement with Capricorn arsenic it provides the institution with a further $1.6m successful disposable funds to beforehand different exploration opportunities, arsenic good arsenic providing upside vulnerability to Capricorn’s exploration occurrence done contingent payments and royalties.”

In summation to the acquisition price, Sabre volition person a 1% nett smelter instrumentality (NSR) royalty connected income of immoderate minerals from the project, but for tenement E59/2402, which carries a 1.5% NSR royalty.

Capricorn has besides agreed to imaginable milestone payments totalling up to $1.75m.

These payments are contingent upon reaching definite improvement milestones including the commencement of a maiden drilling programme oregon wrong 12 months aft completion.

The milestone outgo besides includes the announcement of a JORC-compliant Mineral Resource Estimate exceeding 50,000oz of golden and the determination to commence a commercialized mining cognition wrong the project.

"Sabre Resources to merchantability Ninghan Gold Project to Capricorn Metals for $1.6m" was primitively created and published by Mining Technology, a GlobalData owned brand.

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