Errawarra Resources Ltd (ASX: ERW) has entered binding agreements pursuant to which the company has acquired 70% of the historical Elizabeth Hill Silver Project, 70% of the silver rights to the Pinderi Hills Project tenement package, and 70% of the ownership of three tenements or tenement applications surrounding the silver project.
This collective tenement package totaling 180km2 is in the Tier 1 mining jurisdiction of the Pilbara, Western Australia.
Chairman Thomas Reddicliffe commented, “This is an exceptional opportunity for our shareholders, and we are fortunate to have secured an interest in the Elizabeth Hill Silver Project and extensions. This will enhance our existing exploration projects in the same region of Western Australia with the addition of an interest in a high-grade past producing silver asset with growth potential not previously tested.”
The acquisition is in conjunction with a A$3M placement to existing shareholders and new investors including major fund investors.
The Elizabeth Hill Project acquisition is conditional upon meeting the condition precedent and obtaining the relevant approvals, including Errawarra entering into separate joint venture agreements with Alien Metals Limited (AIM: UFO) and GreenTech Metals Limited.
The acquisition ensures that the company is underpinned by a high-grade historical producing silver asset, with significant resource growth potential and future low-cost operational opportunities in a Tier 1 global mining jurisdiction.
In addition, Mr. Robert Mosig, an experienced precious metals geologist, has joined the board to assist in fast-tracking forward development and exploration activities at Elizabeth Hill, and Errawarra is to be renamed West Coast Silver Limited subject to shareholder approval.
To find out more, please visit www.errawarra.com
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