WPG Resources’ (ASX:WPG) executives, including two directors, have acquired all WPG shares held by Variscan Mines (ASX:VAR), a vendor of several tenements to the company when it listed in 2005.
The initiative would also prevent a potential share overhang arising from the shares previously held by Variscan.Indirect interests associated with executive chairman Robert Duffin acquired 8,907,837 share in off-market trade for $0.0365, or a total of about $325,136.
This takes his indirect and direct stake in WPG up to 33,071,834 shares, or about 12.29% in the company.
Managing director Martin Jacobsen increased his direct stake in the company by 500,000 shares priced at $0.0365 each.
This takes his total interest up to 1,150,000 shares.
In December, Jacobsen acquired 250,000 shares in the company through an on-market trade.
WPG has moved to 100% ownership of the Tunkillia gold project in South Australia by the acquisition of the remaining 30% interest owned by Helix Resources (ASX:HLX).
This provides a platform for a new exploration strategy and project development progression.
Earlier in the month, it completed a metallurgical program at its 100% owned Tarcoola gold project to the north.
This will enable WPG to conduct research and development on heap leaching methodologies to develop and optimise metallurgical and process design flow sheets for the project.
Five diamond holes totalling were drilled to collect material for the completion of metallurgical testwork.
The program target was to drill a total of 320 metres, but this was extended in the field to a total of 389.3 metres to follow the potential extension of mineralisation to depth. The deepest holes were just over 90 metres.
All diamond drill core has been transported from site to company facilities in Coober Pedy, where samples will be generated to be assayed.
Assay results will be announced as they come to hand.
WPG is targeting construction of a mining operation at Tarcoola to begin late in calendar 2015.
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