Bubalus Resources acquires Skyline Copper Project
Key points
- Bubalus Resources executed a binding agreement to acquire a 100% interest in the Skyline Copper-Gold Project in western Tasmania.
- Completion of the deal requires Bubalus to raise approximately $2.8 million in capital.
- The acquisition secures five exploration licences near the Mt Lyell copper-gold mine to execute a proposed $2.5 million first-year exploration programme.
Bubalus Resources (ASX:BUS) executed a binding agreement to acquire 100% of the Skyline Copper-Gold Project in western Tasmania.
The acquisition covers five granted exploration licences spanning approximately 494km2.
Bubalus Managing Director Brendan Borg commented, "The acquisition of Skyline has the potential to be transformational for Bubalus. Jukes has already delivered broad copper-gold intersections with multiple higher-grade internal zones and remains open along strike and at depth."
Completion of the deal relies on satisfying key conditions, including a planned capital raising of approximately $2.8 million.
Following the announcement, the Bubalus Resources share price was unchanged at $0.083.
The project lies roughly 10km from the Mt Lyell mine, where Sibanye-Stillwater approved a restart targeting first production in 2029.
Bubalus intends to fund a $2.5 million first-year work programme featuring 4,000m of diamond drilling at the Jukes and Hydes prospects using existing cash and new capital-raising proceeds.
