ASF Group (ASX:AFA) has expanded its mineral portfolio with the acquisition of an approximately 7% interest in Western Australia-focused gold explorer Metaliko Resources (ASX:MKO).
The company had subscribed for 22,195,557 Metaliko shares priced at $0.03 each through a 2:1 rights issue that raised $5.55 million.
Metaliko has completed the acquisition of the Bronzewing Gold Project located 83 kilometres from the gold mining centre at Leonora, Western Australia.
It includes a 2 million tonne per annum milling/CIP facility, associated infrastructure, project tenements and contained gold resources. Bronzewing has been on care and maintenance since March 2013.
It will proceed with evaluation of the numerous highly prospective exploration targets in the Bronzewing Project area and further development works on its gold resources in the Kalgoorlie region.
Metaliko has also received authorisation for release of $7,065,900 in Environmental Bond Deposits in respect of the Bronzewing Gold Project.
These funds will be released to the Administrator of Navigator Bronzewing Pty Ltd.
Once this is completed, all securities held against Metaliko will be discharged, leaving it debt free and with 100% unencumbered ownership of the Bronzewing Gold Project.
ASF Portfolio
ASF has a 16.1% interest in ActivEX Limited (ASX:AIV), which holds a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.
It also has interests in Civil & Mining Resources (CMR), Rey Resources (ASX:REY) and Key Petroleum (ASX:KEY) and Omnitech Holdings (ASX: OHL).
ASF has base metal tenements in Tasmania following its acquisition of Austin Resources Pty Ltd and ASF Copper Pty Ltd from Profit Achieve Holdings Limited in March 2014 as well as 27 Exploration Permits in Queensland.
CMR has earlier this month defined a maiden Inferred Resource of 118.6 million tonnes of thermal coal at its Dawson West Project in the Bowen Basin, Queensland.
ASF holds a 68.205% interest in CMR, which is currently held by its 53.69% owned subsidiary ASF Resources.
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