Elysium Resources acquires Hardey projects in Pilbara

Elysium has announced it has made an agreement with Hardey to purchase 100 per cent of the company, which comprises five gold and base metal projects in the Pilbara region of Western Australia. The five projects are Bellary, Hamersley, Cheel, Elsie and Grace projects. The first four are located within the Fortescue Group of rocks, while the latter is located in Paterson Province.

Initially, Elysium plans to focus on 46 identified sites of interest within the Fortescue Group of rocks. Announcement of the acquisition resulted in a share increase of 150 per cent for Elysium over two hours of trading. The acquisition of Hardey itself is broken down into various share options, including existing Elysium shares, options considerations, capital raising shares and a small percentage of exclusivity shares.

Hardey applied for an exploration licence back in November that covered 163 square kilometres, and positive results for gold led to eventual expansion into a 512 square kilometre tenement. Following this discovery, other companies such as De Greym Novo and Artemis also got involved in the region.

Terence Clee, executive director of Elysium, was evidently pleased with the deal.

“This deal elevates Elysium into the Pilbara as a genuine explorer with a highly prospective tenement portfolio and experienced management team,” he said.

“The work undertaken by Hardey as a first mover in the Pilbara gold rush has positioned the company well with high-quality gold projects prospective for conglomerate-hosted gold and high-grade orogenic gold, following in the footsteps of Novo Resources.”

 

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