Veni Vidi Vici Limited: 51% Acquisition in Western Australia Gold, Copper & Silver Project DGAP

Veni Vidi Vici Limited (VVV)
Veni Vidi Vici Limited: 51% Acquisition in Western Australia Gold, Copper & Silver Project

10-Dec-2018 / 12:45 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

10 December 2018

 

VENI VIDI VICI LIMITED ACQUIRES A 51% LICENCE INTEREST IN A WESTERN AUSTRALIA GOLD, COPPER & SILVER PROJECT

Veni Vidi Vici Limited

(The "Company" or "VVV")

HIGHLIGHTS

-          Sale and purchase agreement signed between VVV and Goldfields Consolidated Pty Ltd for a 51 % beneficial interest in the Shangri La gold, copper and silver project in consideration for A$220,000.

-          The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares.

-          The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.

Veni Vidi Vici Limited (NEX:VVV), the precious and base metals investing company, is pleased to announce that it has entered into a sale and purchase agreement ("SPA") to acquire a 51 per cent beneficial interest ("Tenement Interest") in the Shangri La Project ("Shangri La Project")  from Goldfields Consolidated Pty Ltd ("Goldfields") (the "Transaction").

The consideration payable for the Tenement Interest is A$220,000 (the "Purchase Price"), to be satisfied by A$20,000 to be paid by the Company to Goldfields in cash and the issuance of 190,000 ordinary fully paid shares in the capital of the Company ("Consideration Shares").

Pursuant to the terms of the SPA, VVV and Goldfields have entered into a lock-in agreement whereby Goldfields has agreed to restrict its ability to sell the Consideration Shares for a period of three months.

VVV and Goldfields have also entered into a joint venture agreement ("JVA") under which VVV will be responsible for an initial expenditure fee of A$300,000 over three years from the commencement of the JVA. Goldfields will manage the joint venture ("JV") and be entitled to a 10% management fee of expenses incurred by the JV.

THE PROJECT

The Shangri La Project is a gold-copper-silver project located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia. A polymetallic hydrothermal quartz vein type deposit, previous exploration at Shangri La Project has returned highly anomalous Cu, Pb, Zn, Au and Ag values with historical assay results including up to 5.35% Cu, 9.53% Pb, 5.15% Zn, 22g/t Au, and 522g/t Ag.

With a large amount of historical work already carried out in the Shangri La Project area, Goldfields and VVV will initially carry out a comprehensive data search and compilation of all available data to ensure no unnecessary repeat work is carried out and establish a geological database of all available data.

Once this data is compiled a more detailed exploration plan can be implemented but the initial work will entail validating the geology of the Shangri La Project, confirming the structural controls outlined to date, confirming the true strike, width and depth of the mineralised target veins and the associated Hart Dolerite host rock while identifying any other mineralised structures or targets to follow up.

Subject to having the necessary approvals to work on the ground, this work would probably include verification geological mapping rather than complete remapping of the tenement area, trenching and or scout drilling with associated analysis to potentially convert the historical exploration target to a JORC compliant resource. Should sufficient data be available for the historic drill holes, 1 or 2 twin drill holes may be planned to verify the grades and geology for future planning purposes.

For further information on the Shangri La Project, please see www.vvvltd.com

The Directors of the Company are responsible for the contents of this announcement.

 

For further information, please contact:

 

The Company

 

Aaron Lucas                                                                         + 44 (0) 7834 834 182

 

 

 

NEX Exchange Corporate Adviser:

Peterhouse Capital Limited

 

Guy Miller/Mark Anwyl                                                    +44 (0) 20 7469 0936

 

 

 

 

-ENDS-



ISIN: VGG9404A1030
Category Code: MSCU
LSE Ticker: VVV
LEI Code: 213800OEUSH43X859D83
Sequence No.: 6819
EQS News ID: 756065

 
End of Announcement EQS News Service

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