Astute Metals (ASX:ASE) moves closer to full ownership of Georgina Basin IOCG Project

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.