Northern Star Resources has reached an agreement with Horizon Minerals for a tenement exchange in the Western Australian Goldfields.
The transaction will see Northern Star acquire a 100 per cent interest in Horizon’s Anthill, Blister Dam, New Mexico, White Flag and Kanowna tenements for an exchange with its assets.
Northern Star will then divest its 100 per cent interest in the Rosehill, Brilliant North and Gunga West projects in Coolgardie and the Golden Ridge, Balagundi, Abattoir and Mt Monger projects in Kalgoorlie, which will be acquired by Horizon.
The tenement exchange agreement is expected to be completed in the December quarter this year with conditions attached.
Horizon managing director Jon Price said the transaction suited both parties’ areas of interest.
“For Horizon, it adds contiguous tenure to the Boorara gold project area in Kalgoorlie and additional strategic assets in Coolgardie include the Rose Hill- Brilliant North tenements,” he said.
“(This) gives us the ability to unlock the full value of the Coolgardie gold project as we continue to progress formal binding documentation and required approval for the potential acquisition.”
The assets Horizon will acquire are in close proximity to the township of Coolgardie and are also “contiguous” with Focus Minerals’ Coolgardie gold project which Horizon is working to potentially acquire.