Australian junior Trek Metals will acquire 100 per cent of the Kroussau zinc-lead prospect in Gabon, Central Africa, from Battery Minerals for $US400,000 ($506,000) in cash, and $US2.5 million ($3.16 million) in shares and options.
As part of the agreement, the shares and options will be paid out to Battery Minerals once Kroussau achieves a collective zinc-lead estimated mineral resource of 250,000 tonnes.
The Kroussau project area has been previously explored from the 1960s to 1980s, showing areas of significant near-surface base metal mineralisation along a strike length of 85km, but only two areas have seen (limited) historical drilling, Dikaki and Niambokamba.
Trek has selected Dikaki as its priority area for exploration, and hopes to capitalise and expand on previous drilling. Trek’s drillers have returned promising intercepts from various depths so far, including 8.3m at 7.8 per cent zinc-lead, 4.2m at 4.9 per cent zinc-lead, and 1.3m at 23.3 per cent zinc-lead.
Trek hopes to capitalise on the recent surge in zinc interest, stating in its report: “The acquisition of the Kroussou Zinc-Lead Project armed Trek Metals with an opportunity to grow substantially,” Trek’s release explained.
“It has a very real opportunity to discover a significant zinc-lead orebody in the mining friendly and geologically promising Gabon.”