Metal Bank has reached an agreement for the sale of its Triumph gold project in Queensland to private firm XXXX Gold for $6.4 million.
It says the deal will provide additional cash for exploration activities, with its focus firmly placed on the 8 Mile project.
The project has a robust shallow exploration target, with potential for a bulk tonnage target as well, according to Metal Bank executive chair Ines Scotland.
Metal Bank subsidiary Roar Resources entered into the sale agreement granting XXXX Gold an exclusive option to purchase the Triumph tenements for $6.4 million plus a one per cent royalty.
The payment would include $400,000 upon settlement and staged payments upon reaching set JORC resource milestones.
Metal Bank’s exploration on the Triumph project resulted in the discovery o multiple high-grade gold zones near surface and the company defined a large-scale gold system centred around the historical Norton goldfield.