Short Term Trading Weekend Lounge: 29 - 31 July, page-2

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    STTCOMP QUR, FA Long

    Market Cap: $3.8m
    Share Price: $0.023
    Shares: 168.14 Million


    Quantum Resources Limited (Quantum) is an Australia-based company, which is engaged in mineral exploration. The Company is an Australian explorer with a suite of projects in Western Australia and the Northern Territory. Its projects are located on granted titles and are prospective for gold and base metals. Quantum's Telfer project consists of a single exploration license in an area of six kilometres from the Telfer Gold mine. The Company's Telfer deposit is an ore reserve of approximately 6.3 million ounces of gold and approximately 0.295 million tons of copper with in a mineral resource of approximately 15 million ounces of gold. The Company's Tanami (Officer Hill JV) project is located within the Tanami geological prominence. It holds a single exploration license located 34 kilometres southwest of the Callie gold mine, which is owned by Newcrest Mining Limited. The Company's Officer Hill JV project is a prospective for gold mineralization.
    Highlights
    • Quantum Resources to acquire rights to earn an interest up to 95% of the Thomson Brothers Lithium Project in Manitoba, Canada –ranked as one of the top mining jurisdictions in the World
    • Project comprises 18 contiguous claims covering1829 acres in Manitoba, Canada.
    • Drill indicated and possible total resource calculation of 4,305,000 tonnes @ 1.3% LiO2for the deposit.

    These estimates are historical estimates and are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimates as mineral resources and/or reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.
    • Claims had until recently been privately held by local prospector for twenty years.
    • Binding commitments received for a placement to sophisticated investors of $288,000(before expenses of the offer).
    • The Company has assembled a team of Canadian based technical consultants to commence exploration and development activities upon completion with a priority on conducting exploration works to seek to verify, and enable reporting of, historical works in accordance with the JORC Code as soon as possible.
    https://research.iress.com.au/ids/o...13A20000050EFE3ADB0CAE4405A7F1500AD430000&ppv=

    Quantum Resources Limited (ASX: QUR)(“QUR” or the "Company”)is pleased to announce that, following its market update on 1 July 2016, the Company has satisfactorily completed due diligence investigations in respect of the proposed acquisition of Manitoba Minerals Pty Ltd (“MMPL”), a private company which holds rights to earn up to a 95% ownership interest in the Thompson Brothers Lithium Property in Wekusko Lake, Manitoba, Canada (“Project”).The Company has also entered into a formal Share Sale Agreement with each of the shareholders of MMPL, the execution of which represents satisfaction of a key condition to completion of the MMPL acquisition. The Share Sale Agreement remains conditional upon:

     the parties obtaining various shareholder, regulatory and third party approvals;

     MMPL formalising (on terms satisfactory to the Company) its rights to the Project, which are currently subject of a Heads of Agreement with Ashburton Ventures Inc. (“ABR”);

     the Company completing a subscription for shares in ABR to enable
    it to satisfy certain financing commitments under the terms of the Option Agreement between ABR and Strider Resources Limited (which were outlined in the Company’s ASX announcement on 12 May 2016), a condition which the
    Company expects to satisfy in the coming days; and

     completion by the Company of a capital raising, by way of share placement, of $400,000.Each of the above conditions are required to be satisfied no later than 31 August 2016, although MMPL and QUR have agreed to act reasonably to extend this deadline if required.

    https://research.iress.com.au/ids/o...3A20000050EFE3ADB0CAE4405A7F1500AD430000&ppv=
    Last edited by Wazza3006: 29/07/16
 
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