Forrestania Resources (ASX:FRS) has bolstered its Western Australian gold portfolio, announcing the acquisition of a 100% interest in the Mt Palmer Project and two additional strategic hubs from Newcam Minerals.
Under two binding heads of agreement, the company will acquire all shares in Aurumin Mt Palmer, Aurumin Johnson Range, and Aurumin Mt Dimer.
The transaction consolidates Forrestania’s Southern Cross and Mt Dimer Hubs.
It increases the company's stake in Mt Palmer from 80% to full ownership, a move Technical Director Brett Hodgins says will "expedite project development" as the company targets gold production via its Lake Johnston facility.
The acquisition includes a vast package of mining leases and exploration licences across the prolific Southern Cross Greenstone Belt.