Asset Acquisition
Sydney, Sep 9, 2022 AEST (ABN Newswire) - Consolidated Africa Limited (
NSX:CRA) has agreed to terms with Wavecrest Investments Pty Ltd (ACN 116 220 010) (Wavecrest), regarding the project known as the 'Corktree West' Project (Tenement EL 52/3994).
Executive summary
Known as the 'Corktree West' Project covering 2.8sq km within the Peak Hill Provence in Western Australia. The tenement is prospective for copper-gold sediment hosted volcanogenic massive sulphite (VMS) base metal mineralisation due to its locality within the so-called 'VMS Structural Corridor' Zone, which hosts the Monthy VMS deposits and Sandfire's De Grussa Mine. It has also been explored for its diamond potential where micro diamonds have been encounted. Minerals such as chrome-garnets, chrome-diopside, chrome-spinels and kimberlitic ilmenites, are recognised as definite pathfinder minerals for tracking primary diamond deposits Kimberlite pipes to their source.
The project has been under explored for Copper-Gold and Base Metals. Mantle tapping structures and the tectonic setting in the region around the tenement, provides a suitable environment for the generation of world class deposits, such as that developed at De Grussa.
Term Sheet: Background
CRA currently has 115,705,266 shares on issue and are traded on the NSX. There are 182 shareholders where all but 2 have a minimum parcel of 20,000 $0.10 FPO shares.
Terms of the Deal:
Consolidated Africa will issue 173,557,899 fully Paid Ordinary (FPO) shares in consideration for 100% of the assets described in the term sheet (Corkscrew West Project). The sale will be subject to approval at a shareholder meeting to be held in the near future after an Independent Experts Report (IER) is undertaken.
Following shareholder approval being received, the CRA board will appoint at least three (3) new directors to the board. All current board members and the CEO will resign immediately. There will be no severance or redundancy payments. The deal will leave CRA's financial capacity in a position to pay its ongoing listing requirements following the transaction being approved.
This term sheet only becomes a binding agreement between the parties once shareholder approval has been received in favour of the proposed transaction. Once the shareholder meeting is completed and the project successfully secured by CRA, the new board of directors will be in a position to raise funds that will ensure the company can progress forward.
A copy of an Independent Geologist's report is attached to this announcement.
*To view a copy of an Independent Geologist's report, please visit:
https://abnnewswire.net/lnk/MJ7VZG4U
About Consolidated Africa Limited
Consolidated Africa Limited (NSX:CRA) is a management team skilled in the evaluation, procurement and advancement of mineral projects, which has a primary focus in the field of mining exploration and advancement of mineral deposits.
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