Astute Metals is set to fully own the Georgina Basin IOCG Project in the Northern Territory by acquiring the remaining 20% interest from Greenvale Energy (ASX:GRV), subject to shareholder approval.
The transaction involves two scrip-based payments, totalling 5 million fully-paid Astute shares, with the second contingent on milestone achievement within four years.
The Georgina Project spans 4,522km2 in the 'East Tennant' Copper-Gold Province, known for its potential IOCG deposits. The acquisition aligns with the company's strategic goals, and if approved, Greenvale's shareholding in Astute will increase to 12.27%.
The Georgina Project boasts highly prospective areas, including Leichhardt East, where targeted exploration drilling is planned for the second half of 2024.