Minotaur Exploration has reached a deal to sell its Highlands copper-gold tenements, 50km north-east of Mount Isa, to private company Larvotto
It said Larvotto intended to include the Highlands asset in an initial public offer on ASX in early 2021.
Minotaur has granted Larvotto exclusivity through to end of June 2021 for non-refundable payment of $25,000. Subject to the IPO proceeding by that date, Larvotto will pay Minotaur $100,000 cash and issue shares to the value of $500,000.
Minotaur purchased the ground package in 2018 and has carried out ground geophysical surveys and limited drilling, but now views the asset as being low priority.
It said divestment of the project allowed it to maintain its focus on higher priority assets.
The company recently acquired the Pyramid gold project in North Queensland from Avira Resources.
It also holds the Windsor project east of Red River Resources’ Thalanga operations and a raft of projects in the Cloncurry area, which are part of a joint venture with Oz Minerals.