PepinNini Lithium has pulled out of a $4 million deal to buy the Gilded Rose gold project near Cloncurry.
Subject to undertaking due diligence on the Ausmex-owned project, the parties had been unable to reach agreement to proceed further with the sale and the term sheet was terminated by mutual consent, PepinNini directors announced.
It comes after an earlier deal for Hong Kong-registered Jin Resources to buy the project from Ausmex also fell through.
The project includes four gold mining leases, one exploration licence and a carbon in pulp processing plant (pictured). The plant, not in operation, has design capacity for the processing of 60,000 tonnes per annum.
PepinNini’s present projects include the Musgrave nickel-copper project in South Australia and the Salta lithium project in Argentina.
It had been keen to commence gold production at Gilded Rose as soon as next year.