Rapid Critical Metals (ASX:RCM) (“Rapid”) has entered into a binding agreement with Lode Resources (ASX:LDR) to acquire 100% of the Webbs Consol Silver Project. Webbs Consol will be combined with Rapid’s 100%-owned Webbs and Conrad deposits to create a regional silver platform with a combined mineral resource of ~67Moz AgEq with a combined grade of ~400g/t AgEq.
Under the terms of the agreement, Rapid will pay A$3.0M at the completion of the deal, with an additional A$0.75M payable 12 months post-completion. They will also issue 115,000,000 new Rapid shares to Lode, voluntarily escrowed for 12 months as well as a 2% NSR royalty.
Byron Miles, Managing Director of Rapid Critical Metals commented, “This acquisition represents a pivotal step in our strategy to build a leading silver-focused growth platform in New South Wales. By combining Webbs Consol with our 100%-owned Webbs and Conrad deposits, upon completion, Rapid is expected to become the highest grade Ag Eq ASX listed silver company with approximately 67Moz AgEq at ~400g/t Ag Eq, with significant potential for further growth.
The transaction not only secures a contiguous silver corridor with outstanding geological prospectivity, but also opens up exciting potential for new discoveries in an area that has seen limited systematic drilling. The exceptional high-grade hits already achieved at Webbs Consol underscore the quality of the mineralization and the upside ahead.
With a strengthened portfolio and a team focused on delivery, we are well placed to accelerate exploration and development activities to create long-term value for our shareholders.”
To read more about this, please visit https://rapidmetals.com.au/
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