WIN Metals acquires Palm Springs Gold Project in Western Australia [Video]

WIN Metals Ltd (ASX:WIN) managing director Steve Norregaard joins Proactive’s Tylah Tully to discuss its acquisition of the Palm Springs Gold Project in the Kimberley region of Western Australia.
The company has signed an agreement to acquire the prospective project from Meteoric Resources NL (ASX:MEI). The project includes a mineral resource estimate of 5.6 million tonnes at 2.0 g/t gold, totalling 357,000 ounces, and a production history of 52,000 ounces between 1995 and 1997.
WIN Metals intends to rename the project the Butchers Creek Gold Project.
The transaction involves a cash payment of 1 million, shares worth A$1.75 million and contingent payments based on future gold production. The tenement package includes mining leases, exploration licences and prospecting licences covering 100 square kilometres, with more than 60 known gold occurrences.
WIN plans to initiate a capital raising of at least A$3 million to fund exploration and development. The company will focus on drilling at Butchers Creek and other prospects within the project area. The acquisition is subject to shareholder approval and regulatory consents.
Norregaard said the acquisition was of strategic importance in providing a new direction for the company.
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